Storebrand ASA

Annual report
2024
Storebrand ASA

2    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Table of contents
Introduction
3	
Facts and figures 2024
5	
Foreword
7	
Highlights in 2024
9	
About Storebrand
10	
Storebrand's history
Director's Report
12	
Strategy 2023-2025: Leading the way 
in sustainable value creation
13	
Strategic highlights 2024
17	
Group results 2024
22	
Group financial statements 
Storebrand (IFRS)
23	
Official financial statements 
Storebrand ASA
24	
Risk
30	
Outlook
32	
Corporate governance
56	
Companies in the Storebrand Group
Sustainability statement
59 	
General information
69 	
Environmental information
146 	 Social information
169 	 Governance information
179 	 Attachments
Annual Accounts and Notes
Storebrand Group
195	 Income statement
196	 Statement of total comprehensive income
197	 Statement of Financial Position
199	 Statement of changes in equity
200	 Statement of cash flow
202	 Notes
Storebrand ASA
286	 Income statement
286	 Statement of total comprehensive income
287	 Statement of Financial Position
288	 Statement of changes in equity
290	 Statement of cash flow
291	 Notes
302	 Declaration by member of the
Board and the CEO
303	 Independent auditor’s report

3    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Facts and figures
Number of employees: 
2,368
Group results 1), NOK million: 
5,904
Return on equity:
18.4 %
Solvency ratio: 
200 %
Assets under management, 
NOK billion: 
1,469
Investments in solutions, 
NOK billion / share of total assets 2):
225 / 16.2 %
Share of investments in companies that 
have validated, science-based targets:
31 %
Proportion of women on the Board and 
Executive Management:
50 % / 50 % 
1)  Cash result before amortisation and tax. Cash result is an APM defined by Storebrand. Please see www.storebrand.no/ir for how APMs are used in financial reporting.
2)  The calculation of solution investments is based on invested assets. This method of calculation is different from how we calculate our assets under management.

4    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Defined Contribution Pensions Norway
- Annualised return last 3 years *)
Assets under management,
Unit Linked (NOK billion)
Fee and administration income
(NOK million)
Assets under management,
Asset Management (NOK billion)
Group Profit **)
(NOK million)
Written premiums, 
Insurance (NOK billion)
Earnings per share,
adjusted for amortisation***) 
(NOK)
*) Return based on comparable investment profiles with a balanced risk profile (approx. 50 per cent equity share) within an active defined contribution pension scheme. Source: 
Finance Norway
**) Profit before amortisation and tax in accordance with the alternative profit and loss statement. These are APMs defined by Storebrand. Please see www.storebrand.no/ir for how 
APMs are used in financial reporting 
***) Earnings per share, adjusted for amortisation in accordance with the alternative performance statement.
Storebrand
Moderate 
equity content
Competitor 1
Competitor 2
Competitor 3
Competitor 4
5.3 %
3.3 %
4.4 %
4.2 %
5.1 %
380
459
2023
2024
+21 %
2023
2024
1,212
1,469
+21 %
2023
2024
7.4
8.8
+19 %
2023
2024
6,782
7,585
+12 %
2023
2024
3,480
5,904
+70 %
2023
2024
7.85
11.47
+46 %

5    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
by Odd Arild Grefstad, CEO and 
Jarle Roth, Chairman of the Board
Foreword
2024 was a record-breaking year for Storebrand, with solid growth 
in both operational and financial results and record-high payouts to 
shareholders. The Group is growing, with an increasing number of 
customers choosing Storebrand across our focus areas. Strong asset 
management and favorable financial markets contributed to value 
creation for our customers, who collectively achieved approximately 
NOK 84 billion in returns throughout the year. A challenging global 
landscape, marked by geopolitical tensions, affected us all.
The Group delivered record-breaking results in 2024 
with strong growth in operating profit and good financial 
results. We saw double-digit growth within defined 
contribution pension, asset management, insurance 
and banking. At the same time, we controlled cost in a 
business climate with notable cost pressure and several 
ongoing growth initiatives in the business. In total, profit 
before amortisation and tax ended at NOK 5,904 million, 
up by 40 per cent from last year adjusted for the sale of 
Storebrand Helseforsikring AS. The resilience the Group 
demonstrated throughout 2024 illustrates the strength of 
the company's strategy and business model.  
Our core mission is to protect our customers when 
accidents happen and ensure that their savings grow 
so that they can live the life they want. For our retail 
customers, Storebrand is a safety net beyond the 
public welfare schemes. In the corporate market, we 
help companies to take risks, develop their business, 
attract employees and create value for both owners and 
employees. Our goal is to be closest to the customer and 
make it easy for them to make good choices for the future. 
An increasing number of customers chose Storebrand's 
products and services in 2024, indicating that we deliver 
quality customer experiences and add customer value. 
In 2024, we continued our investment in the retail market 
and increased our market shares in both insurance and 
banking. Meanwhile, Storebrand's investment app Kron 
retained first place in EPSI's customer satisfaction ranking 
among savings players, and Storebrand and SKAGEN were 
ranked above the industry average. 
Corporate customers in the occupational pension 
market ranked Storebrand above the industry average for 
customer satisfaction, while we delivered strong customer 
returns relative to peers in the market for the core product 
occupational pension, as we have done in recent years. 
This gives us a competitive advantage in an important 
growth area. By delivering strong returns, Storebrand 
contributes to creating increased financial security and 
wellness and a brighter future for our customers. In 2024, 
we also strengthened our position in the market for public 
occupational pensions, where we won most tenders with 
municipalities and public enterprises. In our Swedish 
business SPP, we achieved 14 per cent growth in premium 
income. This strengthened the basis for further investment 
and development of our product range in Sweden.
Storebrand retained its position as Norway's largest 
private asset manager and fourth largest in the Nordic 
region in 2024. Total assets increased to record highs 
and ended at NOK 1,469 billion at the end of the fourth 
quarter, up by NOK 257 billion compared to the previous 
year. 
In 2024, Storebrand strengthened and expanded its 
presence in asset management by, among other things, 
acquiring 50 per cent of the shares in infrastructure 
manager AIP, increasing its total ownership stake to 60 per 
cent. Alternative investments have become an important 
piece of the asset management business, where our 
private equity arm Cubera delivered particularly strong 
customer and capital flows during the year.  
In 2024, we made further progress on ensuring that our 
sustainability work is an integral part of our strategy and 
business. We adopted the Group's transition plan, which 
specifies climate goals and associated measures for own 
operations, investments, non-life insurance and banking 
up to 2030.

6    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Going forward, we will continue to have high standards for 
our investments, work preventively in non-life insurance 
and further strengthen our efforts to reverse the trend of 
increasing disability and exclusion in the population. As 
a responsible corporate citizen, we actively engage with 
societal challenges. We believe that failing to take nature 
and climate seriously or ensuring a sustainable workforce 
and working environment poses a significant risk of lost 
value and irreversible consequences. Our sustainability 
efforts not only generate real value for our customers but 
also inspire businesses and authorities, foster motivation 
and pride among employees, and enhance Storebrand’s 
competitiveness.
We will continue to build on our strengths, explore new 
opportunities, and navigate challenges with determination 
and innovation. In 2025, we will further enhance our 
digital services to efficiently meet our customers' needs 
while exploring artificial intelligence in a responsible 
manner. In both the private and corporate markets, we see 
great potential for additional sales across product areas. 
Customers who use several of our products and services 
tend to be the most satisfied and loyal.
Throughout the year, Storebrand strengthened its solvency 
ratio to 200 per cent, an increase of 8 percentage points 
from the end of the previous year. Higher buffer capital and 
strong risk management contribute to increased pensions 
and profit sharing in the guaranteed business while 
protecting shareholders from downside risk.
Capital distributions to our shareholders reached a record 
high in 2024, with NOK 1.5 billion in share buybacks and a 
dividend of NOK 4.7 per share, a 15 per cent increase from 
the previous year. The Group's ambition is to pay nominally 
increasing dividends alongside annual share buybacks of 
NOK 1.5 billion. Additionally, Storebrand aims to reach 
NOK 12 billion in share buybacks by the end of 2030. 
At the same time, Storebrand will allocate capital for 
growth and invest in profitable initiatives developing 
Storebrand for the future, laying the foundation for 
continued earnings growth in the years to come.
We have made a plan for continued strong growth, but it is 
more important than ever to be able to quickly adjust costs 
if the world around us changes. Storebrand's organisation 
is well equipped for both as we enter 2025. We place 
great emphasis on developing our employees and on 
successfully attracting new, talented people with diverse 
backgrounds and expertise.
We thank our shareholders, customers and employees 
for their trust and support. Together, we will continue to 
create value and contribute to a brighter future.

7    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Highlights in 2024
January-March
April-June
Q1
Q2
•	 Storebrand is the first company in Norway to have a 
robot officially authorised to provide insurance advice. 
The robot offers personalised recommendations to each 
customer, based on preferences, financial situation, and 
specific needs.
•	 SPP tops Söderberg & Partners' ranking of sustainability 
performance among Swedish unit-linked insurance 
companies in the report "Sustainable unit-linked 
insurance 2024".
•	 As a first step in Storebrand's growth strategy in the 
Nordic real estate sector, Storebrand Nordic Real 
Estate Fund acquires a high-quality logistics building in 
Sweden. 
•	 Kron, SKAGEN, and Storebrand come out on top in DN's 
comprehensive price review of the most popular equity 
funds. Storebrand's investment app, Kron, is the clear 
winner.
•	 At the Techarena 2024, SPP launches a new 
communication concept featuring a futuristic 
AI-powered time capsule. Here, visitors can visualise 
their retirement dreams. The concept won the Swedish 
Design Award 2024.
•	 Storebrand announces share buybacks amounting to 
NOK 1.1 billion for the remainder the year, bringing the 
total buyback for 2024 to NOK 1.5 billion.
•	 Storebrand announces the acquisition of an additional 
50 per cent stake in the Danish infrastructure manager 
AIP Management.
•	 Storebrand once again tops the SHE Index, which 
measures and compares gender balance in companies.
•	 The sharp rise in disability cases, challenges in following 
up on sick leave, and global conflict levels were among 
the topics discussed at the Storebrand conference 
«With the Power to Change».
•	 SPP launches new guaranteed occupational pension 
with a higher equity allocation for customers in the 
payout phase, a higher guaranteed interest rate, and a 
new feature that provides more stable payments.
•	 Storebrand Asset Management (SAM) is top-ranked 
by institutional investors, securing second place in 
Kantar SIFO's annual survey, "Prospera External Asset 
Management". 

8    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
July-September
October-December
Q3
Q4
•	 For the third consecutive year, Storebrand offers bedbug 
control for travellers at Oslo Airport Gardermoen. "The 
Horror Bed," a physical installation in the departure hall 
featuring live bedbugs, is designed to raise awareness 
about pest prevention and management. The campaign 
wins the Media Creativity category at Mediaforum’s 
annual awards, Mediaprisen.
•	 Under the heading "Invest in the future", Storebrand 
has a strong presence at Arendalsuka 2024, setting the 
agenda on topics such as social exclusion, responsible 
investments, inclusive working life, AI and cybersecurity, 
macroeconomics, and public occupational pensions.
•	 	SPP organised a public pension celebration to highlight 
that retirement is something to look forward to. The 
festivities started with a bus ride through the streets of 
Stockholm and culminated in a big party at Stureplan. 
The event attracted significant attention.
•	 For the fourth time, Storebrand Eiendom announces 
the winner of its annual Sustainability Award at 
Arendalsuka. The 2024 award goes to the new building 
Vertikal Nydalen, developed by Avantor.
•	 Kron's fund advisory services is certified by Finaut, 
making  Kron the first mainstream fund platform (ASK) 
with a certified robo-advisor.
•	 Double-digit growth across all business areas, combined 
with effective cost control, positive financial markets, 
and improved insurance results, contributed to a record-
high underlying annual result of NOK 4.9 billion (NOK 
5.9 billion including the gain from the sale of Storebrand 
Helseforsikring).
•	 Kron wins EPSI's customer survey for savings and 
investments for the consecutive year.
•	 With a 57 per cent increase in customers since 
the beginning of the year, Kron surpasses 100,000 
customers.
•	 Storebrand wins two international design awards at the 
Red Dot Awards in Berlin for its rebranding of visual 
identity and custom font design.
•	 Storebrand leads the Finance for Biodiversity (FfB) 
coalition during the COP 16 nature summit in Colombia. 
Representing 194 financial institutions across 29 
countries, with a combined total of 23 trillion euros 
in total assets, the coalition plays an active role in the 
negotiations.
•	 For the third consecutive year, SPP is ranked as the 
best savings company in Origo Group's annual "Brokers' 
Choice 2024" survey among insurance brokers. SPP 
consistently receives high ratings and stands out as 
the winner in two of six areas categoreis: "Simple 
collaboration" and "Sustainability/Social responsibility".

9    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
About Storebrand
Storebrand is a Nordic financial group headquartered in Oslo, Norway. We offer 
pension, savings, insurance and banking products to private 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. 
At year-end, Storebrand was one of the Nordic region's largest private asset managers, with NOK 1,469 billion invested 
in around 4,500 companies around the world. Over two million people in Norway and Sweden have invested their 
savings with us. We offer products and services that give our customers increased financial security and freedom. The 
goal is to make it easier for customers to invest in the future by making good financial choices today. Our purpose clearly 
states what is most important to us: to create a brighter future.
Security and financial 
wellness
Our products and services can significantly improve our 
customer’s well being - now and in the future.  We provide 
them with the reassurance that what they care about most 
is well taken care of, as well as the freedom to pursue both 
small and big dreams.
Brave pioneer
We believe that there is always room for improvement. 
This requires courage to challenge the status quo and 
willingness 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.
A brighter future
We work relentlessly so that more people can think about 
the future with optimism. Both because they have the 
financial means to live the life they want, and because they 
see that what we do together can help the world move in 
the right direction.
Our driving force
Our driving force describes the core of our business and how we deliver security 
and financial wellness to our customers for a brighter future.
Closest to our customer – 
simple and sustainable
We are committed to knowing our customers so well that 
we can always provide them with what they want and need. 
We will do it in a way that makes them confident that we 
put their needs first. This is how we make it easy for them 
to make good choices both for themselves and for the 
future.

10    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand’s history
•	 1767: Almindelige Brand- 
Forsikrings-Anstalt is 
established as a compulsory 
fire insurance for buildings in 
Norwegian cities.
•	 1814: After Norway’s 
secession from Denmark, the 
scheme is continued, and the 
administration transferred to 
Christiania. 
•	 1847: Private interests 
establish Christiania 
almindelige Brandforsikrings-
Selskab for Varer og Effecter. 
The company is referred to as 
Storebrand.
•	 1861: Storebrand’s owners 
establish Norway’s first 
privately owned life insurance 
company, Idun.
•	 1867: The non-life insurance 
company Norden is 
established as a competitor to 
Storebrand.
•	 1917: The life insurance 
company Norske Folk is 
founded.
•	 1923: Storebrand buys almost 
all the shares in Idun. With 
a few exceptions, the rest is 
acquired during the 1970s.
•	 1925: Christiania Almindelige 
Forsikrings-Aksjeselskap, 
referred to as Storebrand, 
changes its name to Christiania 
almindelige Forsikrings-
Aksjeselskap Storebrand.
•	 1936: Storebrand buys 
Europeiske, Norway’s leading 
travel insurer.
Early years (1767-1950)
From 1950 
2022
Storebrand acquires Danica 
Pensjon Norway and the investment 
app Kron and introduces a policy on 
nature for investments.
2024
Storebrand delivers record-breaking 
results and strong growth in all 
focus areas. Acquires the Danish 
infrastructure manager AIP and its 
head office in Lysaker.
2020
Storebrand is included in the Dow 
Jones Sustainability Index, ranked as 
one of the world’s 10 per cent most 
sustainable listed companies.
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.
2006
Storebrand re-enters 
P&C insurance market. 
2009
Storebrand confirms that talks have 
been held about a possible merger 
with Gjensidige. The talks ended 
without result.
2014
Storebrand Asset Management 
exceeds NOK 500 billion.
2017
Storebrand acquires SKAGEN 
and celebrates its 250th 
anniversary.
1996
The company changes its name to 
Storebrand ASA and establishes 
Storebrand bank ASA.
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.
1990
Storebrand and UNI Forsikring 
decide to merge and receive a 
formal licence in January 1991.
1998
Storebrand Helseforsikring 
is established.
2005
The Storting decides that all companies 
must introduce occupational pensions 
(OTPs) by 2007.  
2007
Storebrand acquires the Swedish 
pension company SPP and forms 
the Nordic region’s leading life 
insurance Group.
2012
Storebrand launches its 
new vision: ”Our customers 
recommend us”. Odd Arild 
Grefstad is appointed new CEO. 
2016
Storebrand launches ”Our Driving 
Force”, a mission statement with 
a vision to create a future to look 
forward to.
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.
2021
Storebrand’s Asset
management exceeds
NOK 1000 billion.
1963
Storebrand takes over Norske 
Fortuna. Brage and Fram merge 
and become the country’s largest 
life company.
1984
Norges Brannkasse and Norske 
Folk become UNI Forsikring.
1995
Storebrand establishes sustainable 
investment in Storebrand Asset 
Management.

Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Director's Report
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.
01
Strategy 2023-2025: Leading the way in sustainable value creation  .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  . 12
Strategic highlights 2024.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   13
Group results 2024 .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17
Group financial statements Storebrand (IFRS) .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 22
Official financial statements Storebrand ASA .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 23
Risk	
.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   24
Outlook .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 30
Corporate governance  .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 32
Organisation.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   33
The Board of Directors.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   36
Group Executive Management .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 47
Shareholder relations .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 52
Companies in the Storebrand Group .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   56
Sustainability statement .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 57
11    

12    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Leading the way in sustainable value creation
Storebrand delivers financial security and freedom 
to individuals and businesses. We want to motivate 
customers to make good financial choices for the future. 
Together, we create a future to look forward to and value 
for customers, owners and society. 
Storebrand is pursuing a strategy that provides an 
attractive combination of capital-efficient growth within 
“Future Storebrand", and capital release from run-off 
guaranteed pensions. 
Storebrand aims to take the following market 
positions:
 
(A)	 be the leading provider of occupational pensions in 
both Norway and Sweden. 
(B)	 continue a strategy of building a Nordic powerhouse 
for asset management. 
(C)	 ensure rapid growth as a challenger in the Norwegian 
retail market for financial services. 
The interaction between the various business areas 
provides synergies in the form of capital, economies of 
scale, and value creation based on customer insights. 
Storebrand believe the only way to secure a better future 
is to take part in creating it. We actively use our position to 
be a pioneer in sustainable finance and an active owner. 
We believe that over time, this provides a better return 
on capital for customers and owners. Read more about 
Storebrand's work with corporate social responsibility in 
the chapter "Sustainability". 
The Group offers financial products, services and 
customer experiences. Based on an increasingly advanced 
technology platform, it offers a fully digital business and 
distribution model. Storebrand's position as a digital 
innovator is a critical success factor in strengthening 
competitiveness going forward. 
Storebrand will increase ordinary dividends from earnings 
and ensure capital-efficient management of products 
with interest rate guarantees that over time free up capital 
in line with the pensions being paid out. The Group 
shall maintain strong solvency and have a balance sheet 
adapted to the risk associated with the business. When 
the Group considers itself overcapitalised at a solvency 
above 175 per cent, the ambition is to repay large parts of 
that capital to shareholders through buy-back programs. 
In 2024, the share buy-back programme was continued 
and NOK 1.5 billion in share buy-backs were carried out, 
corresponding to about 3 per cent of outstanding shares. 
The ambition is to return about NOK 1.5 billion annually 
through buy-backs of own shares – a total of NOK 12 
billion – by the end of 2030. At year-end 2024, buybacks 
of own shares had been carried out for a total of NOK 
3.5 billion since inception in 2022. Additional capital is 
expected to be available for further growth or distribution 
to shareholders.
People first
Lederskap innen bærekraft
Digital innovatør
Differensiatorer
For økt konkurransekraft
Kapital- og 
balansestyring
For aksjonæravkastning
Fremtidens 
Storebrand
Vekst innenfor 
kapitaleffektive 
forretningsområder
Ledende leverandør av 
tjenestepensjon i Norge og 
Sverige
Voksende utfordrer I det 
norske personmarkedet
Økende ordinært utbytte 
fra konsernets resultat
Ytterligere kapitalfrigjøring
D
Nordisk kraftsenter for 
kapitalforvaltning
B
C
A
NOK ∼1.5bn årlig tilbakekjøp
av egne aksjer
NOK ~12bn innen YE2030
Strategy 2023-2025: 
Strategic enablers
Unlocking growth
Future Storebrand
Growth focus in capital-
light business areas in 
front book
Leading Provider 
Occupational Pensions
Norway & Sweden
Growing Challenger in 
Norwegian Retail Market
Growing ordinary dividends 
from earnings
Additional 
capital generation
Nordic Powerhouse in 
Asset Management 
People First
Leadership in Sustainability
Digital Frontrunner
NOK ∼1.5bn annual buybacks
 NOK ~12bn by YE2030
Capital Management
For shareholder returns
D
B
C
A

13    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Strategic 
highlights 2024
2024 was another year marked by geopolitical uncertainty 
and international conflicts. At the same time, inflation 
slowed and global interest rates were reduced. The first 
interest rate cut in Norway is expected in 2025. Against 
this backdrop, Storebrand has proven robust. The Group 
continues to grow double-digit across the business and 
delivers a record-strong year both in terms of operating 
and financial results. Results in insurance are still at 
weaker levels than targeted, but there has been a positive 
development compared with the previous year. 
In 2024, Storebrand acquired 50 per cent of the Danish 
infrastructure fund manager AIP for DKK 215 million, 
increasing its total ownership stake in the company to 60 
per cent. Scaling and commercialization of AIP together 
with management and existing owners will broaden 
Storebrand's position in alternative investments and 
contribute to strengthening the profitability of the Group. 
In 2024, Storebrand also bought back the head office 
Lysaker Park, with the aim of finding a good long-term 
solution for both employees and owners. 
Below is a review of strategic highlights for 2024 for the 
various parts of Storebrand's Group strategy. 
Growth in capital light business areas  
 
(A) Leading provider occupational pensions Norway & 
Sweden  
The core of Storebrand's strategy is to collect and 
manage savings from pension customers and institutional 
customers in Norway and Sweden, as well as Norwegian 
private individuals. In 2024, the Group maintained a 
leading position as a provider of defined contribution 
pensions with a market share of 29 per cent in Norway and 
16 per cent in Sweden.3) Supported by strong markets, 
improved new sales and strong underlying growth, assets 
under management grew to NOK 459 billion in Unit 
Linked at the end of the year, a growth of 21 per cent 
compared to the end of 2023. Since 2012, Unit Linked 
funds have grown by an average of 18 per cent annually. 
The structural growth in defined-contribution pensions 
contributed to a net inflow of NOK 15 billion in new capital 
during the year. 4)
Assets under Management, 
Unit Linked, NOK billion
64
85
105
128
140
168
179
220
251
308
315
380
459
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
CAGR +18 %
+21 %
2024 was a year of strong returns for Norwegian defined-
contribution pension customers. There was a positive 
value development for all asset classes throughout the 
year. 
Storebrand's largest investment profiles, “Offensiv” and 
“Balansert” Pension, had a high return in 2024. Over 
the past 3 and 5 years, Storebrand has delivered strong 
returns in the market of 7.0 per cent and 10.2 per cent 
respectively for “Offensiv” Pension, and 5.3 per cent 
and 7.6 per cent for “Balansert” Pension. 5) For pension 
customers with guaranteed returns, Storebrand has a 
dynamic and risk-adapted management that ensured that 
the Group could book the guaranteed return, increase the 
buffer capital and take profit sharing in both the Norwegian 
and Swedish operations.
3)  Source: Finance Norway – Gross premium due as of Q3 2024 and Svensk Försäkring as of Q3 2024
4)  The sum of premiums paid, pensions paid and migration in both Norway and Sweden
5)  Return based on comparable investment profiles with balanced risk (approx. 50 per cent equity share) and high risk (approx. 80 per cent equity share) within an active 
defined contribution pension scheme. Source: Norsk Pensjon.

14    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The Group has had a good start in the market for public 
occupational pensions in Norway. There were a limited 
number of tenders for public occupational pensions in 
2024, but Storebrand won more than NOK 4.5 billion 
that will be transferred in 2025. Storebrand wants 
clarification on the lack of tender processes, and this 
is being processed by the EFTA Surveillance Authority 
(ESA). In 2024, ESA provisionally stated that public 
pension contracts are covered by the Public Procurement 
Act and that the lack of tender processes in this market 
constitutes a breach of the EFTA rules. Storebrand expects 
a clarification on whether the procurement of pension 
management services is subject to tender in the public 
sector during 2025 (read more in the section "Regulatory 
changes"). 
(B) Nordic Powerhouse in asset management  
Storebrand is the fourth largest asset manager in the 
Nordic region,6)  and total assets are the Group's most 
important revenue driver. It is therefore pleasing to note 
that Storebrand further strengthened its position in 2024 
through strong growth in assets under management. 
Storebrand Asset Management aims to be a Nordic 
powerhouse for asset management by taking three market 
positions; by being a local Nordic partner, the gateway to 
the Nordic region for foreign investors and a pioneer in 
sustainable investments. At year-end 2024, Storebrand 
managed a total of NOK 1,469 billion, of which 46 per cent 
was on behalf of internal pension customers, and 54 per 
cent was on behalf of external customers. The increase 
in assets under management of 21 per cent was due to 
both a good return boosted by positive contributions 
from the financial markets, the acquisition of the Danish 
infrastructure manager AIP and a net inflow for the year of 
NOK 33 billion. Since 2012, assets under management 
have grown by 11 per cent annually through a combination 
of customer growth, market returns, and acquired 
businesses.
Competitive return (annualised) on Defined Contribution pension funds in Norway
16.8 %
15.6 %
16.2 %
19.3 %
14.8 %
7.0 %
4.5 %
6.2 %
7.1 %
6.9 %
10.2 %
7.2 %
8.2 %
9.9 %
9.4 %
High equity content
12.7 %
11.6 %
11.8 %
12.9 %
11.3 %
5.3 %
3.3 %
4.4 %
4.2 %
5.1 %
7.6 %
5.2 %
6.1 %
6.7 %
7.0 %
Last 3 years
2024
Last 5 years
Moderate equity content
Last 3 years
2024
Last 5 years
Storebrand
Competitor
6)   Source: AMWatch November 15, 2024: Finland’s OP saw net outflows in the third quarter
Assets under management, 
NOK billion
442
487
535
571
577
721
707
831
921
1,097 1,020
1,212
1,469
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
CAGR +11 %
+21 %
Assets under management, NOK billion
Change in assets under management, 
NOK billion
2022
33
Net flow
84
Return
45
Currency
2023
1,212
1,469
Other 
(incl. 
M&A)
95

15    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Throughout 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 Denmark, Storebrand completed the acquisition of AIP 
Management in 2024 7), which manages NOK 95 billion in 
infrastructure investments. 
 
International investors continued to demand Storebrand's 
offering in alternative investments and ESG funds in 2024. 
The private equity firm Cubera, which was acquired by 
Storebrand in 2019, continued to raise capital in Cubera 
X in 2024, and the fund is now closed at approximately 
€800 million. 
The Group took further steps to consolidate its position 
as a leader in sustainable investments and adopted a 
climate transition plan that outlines goals and actions 
towards 2030. The goal is to reduce the carbon footprint of 
companies we invest in by 32 per cent by 2025, and by 60 
per cent by 2030.  We want to achieve this by influencing 
companies to reduce their emissions, and Storebrand 
conducts discussions 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 225 
billion in what we call solutions. Solutions are either 
investments in companies that we believe contribute 
to sustainable development and to achieving the UN 
Sustainable Development Goals, or investments in green 
bonds, environmentally certified real estate and green 
infrastructure. Read more about this section "Climate 
change" in the chapter "Sustainability".
(C) Growing challenger in the Norwegian retail market  
With 258 years of history, the Storebrand brand name 
stands strong. In Norway, 1.7 million people are customers 
of Storebrand through either banking and insurance, 
investments or pension schemes. 
Storebrand maintained high growth with increased market 
shares in the Norwegian retail market for banking and 
insurance services, which is becoming an increasingly 
important business area as pensions and savings become 
individualised. Improved distribution capabilities and 
strong demand in the retail market contributed to a 19 per 
cent increase in insurance 8) premiums and 13 per cent in 
retail banking.
Through pension and asset management, the Group has 
systems and solutions that ensure a good framework for 
delivering savings and insurance products to the retail 
market. Together with the bank, Storebrand offers fully 
digital distribution with integrated value propositions for 
cross-selling between savings, insurance and banking. 
The Kron savings platform was further integrated and 
developed in 2024. The group acquired the fintech 
company in January 2023. In 2024, Kron delivered 
strong growth, with 97 per cent growth in assets under 
management.
People first 
Storebrand's employees are the most important source 
of innovation, development and further growth for the 
company. To succeed with the ambitions and create a 
future to look forward to, employees who are competent 
and courageous pioneers are needed. 
Read more about our approach to our people in the 
section "Own workforce" in the chapter "Sustainability". 
Leadership in sustainability 
For 30 years, Storebrand has been a pioneer in sustainable 
investments and has ambitions to set the agenda for 
sustainable finance in the years to come. The Group 
prioritises structured work on sustainability as a societal 
actor, within its own operations and in our products and 
services because we believe it creates value for customers 
and shareholders and positive ripple effects for society. 
Detailed information about ambitions, goals and measures 
for the work on sustainability is described in the chapter 
"Sustainability". 
Digital frontrunner 
The use of technology makes it possible to combine 
growth initiatives and measures to increase 
competitiveness, while at the same time realizing cost 
reductions and efficiency gains. Smart use of data opens 
up new business opportunities and efficiency gains. The 
degree of automation is constantly increasing, resulting in 
more efficient processes, lower costs, increased sales and 
higher customer satisfaction. Storebrand is investing in the 
Insurance portfolio premiums, NOK billion
Bank lendning balance, NOK billion
7)  Storebrand already has a 10% stake in AIP Management and has in 2024 acquired an additional 50% of the company.
8)  Includes insurance in the business segment.
2.9
3.2
3.2
3.7
3.9
3.8
3.7
3.9
4.7
5.5
6.7
7.4
8.8
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
CAGR +10 %
+19 %
24
24
24
27
35
42
47
48
48
57
67
77
87
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
CAGR +11 %
+13 %

16    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
use of modern and secure cloud solutions, which provide 
access to needed functionality and reduced development 
time of digital services. 
More information on digital initiatives can be found in 
the section "Consumers and end-users" in the chapter 
"Sustainability".
Capital management 
Over the past ten years, Storebrand has succeeded in 
transforming the business from capital-intensive products 
with guaranteed returns, to fast-growing and capital-
efficient products. Total assets have more than doubled 
since 2012. At the end of the year, 80 per cent of the total 
assets under management were related to the capital-
light products, and 39 per cent of the pension assets on 
the balance sheet were guaranteed products. Premiums 
paid and the Group's profit are mainly related to non-
guaranteed savings and short tailed insurance. 
Storebrand's fast-growing capital light business yields a 
high return on equity, while the run-off capital-intensive 
business with interest rate guarantees yields a significantly 
lower return on equity. The return on the guaranteed 
business has nevertheless improved considerably with 
a higher interest rate level and as the business has built 
up robust buffers that allow for profit sharing between 
customers and owners. Guaranteed pensions tie up about 
72 per cent of the Group's equity, and gave an adjusted 
return on equity of 12 9) per cent in 2024. The growing part 
of the business delivered an adjusted return on equity of 
35 per cent. 10) Overall, the return on equity for the Group 
was 18 per cent for 2024.
The solvency ratio was 200 per cent at the end of 2024, an 
increase of 8 percentage points compared to the solvency 
at the end of 2023. This is after a dividend and completed 
share buybacks equivalent to 7.5 percentage points in 
2024.
Storebrand wants to contribute to a growing market for 
green bonds and stimulate the market for sustainable 
investments and financing. Storebrand has issued NOK 13 
billion in green bonds since 2021. In addition, Storebrand 
signed a new sustainability-linked credit facility in 2024 of 
EUR 200 million. 
9)  Return on equity for Guaranteed Pensions and Group in 2024 includes the gain from the sale of Storebrand Health Insurance
10)  Based on a pro forma distribution of equity under Solvency II (uT1 adjusted for Vif) per business area. Capital is distributed based on capital consumption under Solvency II and CRD IV. 
Unit Linked and Insurance are calibrated to a solvency ratio of 160 per cent, while Guaranteed pensions (including Others) consume approximately 200% of their capital requirement
Changes in Storebrand’s operations and balance sheet since 2012
Premium payments, NOK billion
Assets under management, NOK billion
49 %
36 %
15 %
2012
13 %
69 %
18 %
2024
24,584
44,134
Guaranteed pension
Savings
Insurance
27 %
14 %
59 %
2012
54 %
26 %
20 %
2024
442
1,469
External asset management customers
Savings (internally managed)
Guaranteed pension

17    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Group results 2024
Storebrand reports its consolidated financial statements 
in accordance with IFRS 17 and IFRS 9, which replaced 
IFRS 4 and IAS 39 as of 1 January 2023. In accordance 
with the requirements of Norwegian accounting legislation, 
the Board of Directors confirms that the conditions for 
preparing the financial statements based on going concern 
are met, and that this has been used as a basis for the 
preparation of the annual accounts.
A brief overview of the financial results under IFRS is 
discussed in the section titled "Consolidated financial 
statements Storebrand (IFRS)". For other parts of the 
annual report, the result has been commented on in 
accordance with the alternative reporting. The alternative 
reporting may deviate materially from the IFRS financial 
statements, particularly for the insurance and guaranteed 
parts of the business, that report in accordance with IFRS 
17. While the alternative reporting is 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 income statement and related key 
figures can be found on Storebrand's IR pages. 
The alternative reporting is based on statutory accounting 
prepared in accordance with Norwegian GAAP (NGAAP) 
for the Norwegian companies and Swedish GAAP 
(SGAAP) for the Swedish companies. The reporting 
framework is similar to previous reporting under IFRS 4. 
The alternative reporting is adjusted for intercompany 
transactions and result items related to customer funds. 
Group results (alternative) 11)
NOK million
2024
2023
Fee and administration income
7,585
6,782
Insurance result
1,640
1,122
Operational cost
-6,072
-5,787
Cash equivalent earnings from 
operations
3,153
2,117
Financial items and risk result life
2,751
1,362
Cash equivalent earnings before 
amortisation and tax
5,904
3,480
Amortisation and write-downs of 
intangible assets
-295
-379
Cash equivalent earnings before tax
5,609
3,101
Tax
-854
116
Cash equivalent earnings after tax
4,754
3,217
Storebrand achieved cash equivalent earnings before 
amortisation and tax of NOK 5,904 million (NOK 3,480 
million). The figures in brackets show equivalent figures for 
last year. Fee and administration income for the year was 
NOK 7,585 million (NOK 6,782 million). The increase from 
last year is due to higher assets under management driven 
by underlying growth and positive market developments, 
as well as higher income in the bank, where both lending 
volume and interest margins had a positive development. 
The insurance result was NOK 1,640 million (NOK 1,122 
million) and resulted in a combined ratio of 97 per cent 
(102 per cent). This is weaker than the Group's target 
combined ratio of 90-92 per cent and is due to weak 
results in P&C and disability-related insurance products.
Operational cost amounted to NOK -6,072 million (-5,787 
million). Adjusted for currency, performance-related 
costs, the acquisition of AIP and special items, operating 
expenses amounted to NOK 5,891 million, in line with 
the cost guidance of NOK 5.9 billion for 2024. The cash 
equivalent earnings from operations amounted to NOK 
3,153 million (NOK 2,117 million). 
Financial items and risk result life were NOK 2,751 
million (NOK 1,362 million). The strong financial result 
is due to higher interest rates increasing the return on 
the company portfolios and increased profit sharing in 
both the Norwegian and Swedish guaranteed business. 
The financial gain from the divestment of Storebrand 
Helseforsikring made a positive contribution of NOK 1,047 
million. 
Amortisation and write-downs of intangible assets 
amounted to NOK -295 million (NOK -379 million). 12)  
Cash equivalent earnings before tax were NOK 5,609 
million (NOK 3,101 million). The Group ended the year 
with a tax expense of NOK -854 million (NOK 116 million). 
The financial gain from Storebrand Health Insurance is 
exempt from taxation according to the exemption method 
and contributes to a lower than normalised tax rate for the 
full year. The estimated normal tax rate for the group is 19-
22 per cent, depending on each legal entity's contribution 
to the Group result. For more information on tax and 
uncertain tax positions, see Note 27. Storebrand also has 
a policy for responsible taxation and publishes a separate 
report on tax on its website. 
The cash equivalent earnings before tax were NOK 4,754 
million (NOK 3,217 million).
11)  This is based on Storebrand Group's alternative income statement and contains alternative performance measures (APMs) 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.no/ir.
12)  The amortisations in the alternative income statement are based on the amortisation in the legal entities. Total amortisation is discussed in the consolidated financial statements in 
accordance with IFRS under the Consolidated Financial Statements Storebrand (IFRS) section of this report.

18    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Key figures
Targets
2024
Return on equity*
>14 %
18 %
Future Storebrand (Savings and 
Insurance)**
35 %
Run-off business (Guaranteed and Other) 
**
12 %
Total Capital Distribution Ratio 13)
74 %
     Dividend pay-out ratio
43 %
     Share buybacks 
32 %
Solvency ratio
>150 %
200 % 
* 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 per cent, while the rest of the 
capital is allocated to the Guaranteed pension segment including others.
The Group'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.
Earnings by segment 14)
NOK million
2024
2023
Savings
2,592 
1,862 
Insurance
  546 
     27 
Guaranteed
1,226 
1,326 
Other
1,539 
   265 
Profit before amortisation and tax
5,904 
 3,480 
Savings
NOK million
2024
2023
Fee and administration income
    6,327 
    5,443 
Operational cost
 -3,831 
 -3,582 
Cash equivalent earnings from 
operations
    2,497 
   1,861 
Financial result
96 
    1 
Cash equivalent earnings before 
amortisation and tax
2,592
1,862

Financial results  
Fee and administration income ended at NOK 6,327 
million (NOK 5,443 million). The increase from 2023 
is due to higher total assets under management, driven 
by favorable financial markets, structural growth in unit 
linked pension and net inflows in asset management. 
Strong lending growth and improved net interest margins 
contributed to increased income from retail banking of 
NOK 257 million. Operational cost amounted to NOK 
-3,831 million (NOK -3,582 million). The increase is 
due to inflation, as well as investments in growth and 
digitalisation initiatives. The financial result increased 
to NOK 96 million (NOK 1 million), driven by a positive 
revaluation on the initial shareholding in AIP Management 
(10 per cent) recognised in connection with the 
acqusition of an additional 50 per cent of the shares 
in AIP Management. Cash equivalent earnings before 
amortisation and tax were NOK 2,592 million (NOK 1,862 
million), an increase of 39 per cent from last year.
Balance sheet and market development
Underlying growth continued in 2024, both in unit linked 
and in asset management. Unit linked reserves grew by 
NOK 79 billion to NOK 459 billion in 2024, corresponding 
to growth of 21 per cent. Net inflow contributed NOK 
15 billion, while market returns and currency effects 
contributed NOK 64 billion. Total assets for Storebrand 
Asset Management increased by NOK 257 billion (21 per 
cent) to NOK 1,469 billion. A net inflow of NOK 33 billion 
was added in new funds, in addition to NOK 84 billion in 
returns and NOK 94 billion related to currency effects and 
acquisitions. The bank's lending grew by NOK 10 billion 
(13 per cent) to NOK 87 billion.
Key figures Savings
NOK million
2024
2023
Unit linked Premiums
7,717 
 7,309 
Unit linked Reserves
458,525 
379,516 
Asset under Management (AuM) 
Asset Management
1,468,840
1,211,831 
Retail Lending *
86,501 
76,706 
*Includes mortgages on the Storebrand Livsforsikring AS balance sheet
Insurance 15)
NOK million
2024
2023
Insurance pemiums f.o.a.
8,008 
6,908 
Claims (f.o.a.)
-6,368 
-5,787 
Operational cost
-1,404 
-1,251 
Cash equivalent earnings from 
operations
      236 
    -129 
Financial result
     310 
     155 
Cash equivalent earnings before 
amortisation and tax
546 
27 
13) Capital distribution to shareholders, including dividends and share buybacks, as a share of the Group result after tax and amortisation (alternative).
14) This is based on Storebrand Group’s alternative income statement and includes alternative performance measures (APMs) as defined by the European Securities and Markets 
Authority (ESMA). The alternative income statement is based on reported IFRS results for the individual Group companies. The income statement presentation differs from the official 
financial statement format. An overview of the APMs used in financial reporting is available at www.storebrand.no/ir.
15) This is based on Storebrand Group’s alternative income statement and includes alternative performance measures (APMs) as defined by the European Securities and Markets 
Authority (ESMA). The alternative income statement is based on reported IFRS results for the individual Group companies. The income statement presentation differs from the official 
financial statement format. An overview of the APMs used in financial reporting is available at www.storebrand.no/ir.

19    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Financial results 
Insurance premiums f.o.a. grew by 16 per cent to NOK 
8,008 million (NOK 6,908 million), driven by price 
increases and continued volume growth. Claims increased 
to NOK -6,368 million (NOK -5,787 million) as a result 
of growth and continued high claims related to P&C 
and Group life. The increase in the claims rate is due to 
particularly high claims in motor and disability-related 
insurance products. In P&C insurance, high inflation, 
amplified by a weak Norwegian currency, contributed to 
the increase in claims cost. The weak results related to 
disability coverage were due to continued high disability in 
Norwegian society. The Swedish portfolio had satisfactory 
results. Total operational costs for the year were NOK 
-1,404 million (NOK -1,251 million) and resulted in a cost 
ratio of 18 per cent in 2024, a stable development from 
the previous year. The combined ratio was 97 per cent 
(102 per cent) and the cash equivalent earnings from 
operations were NOK 236 million (NOK -129 million) for 
the year. This is weaker than the group's target combined 
ratio of 90-92 per cent, but an improvement from 2023. 
A number of measures, including repricing, have been 
implemented to strengthen profitability for 2025 to the 
target level. The financial result was NOK 310 million 
(NOK 155 million). The investment portfolio amounted 
to NOK 11.4 billion at the end of 2024 (NOK 11.5 billion) 
and achieved a return of 3.7 per cent 16). Cash equivalent 
earnings before amortisation and tax were NOK 546 
million (NOK 27 million). 
Balance sheet and market development 
Total growth in portfolio premiums amounted to 19 per 
cent in 2024, ending at NOK 8,846 million. P&C and 
individual grew by a total of 22 per cent to NOK 5,392 
million, group life grew by 22 per cent to NOK 1,281 
million, and pension related disability insurance Nordic 
grew by 13 per cent to NOK 2,173 million.

Key figures Insurance
2024
2023
Claims ratio
80 %
84 %
Cost ratio
18 %
18 %
Combined ratio
97 %
102 %
Portfolio premiums, NOK million
2024
2023
P&C and Individual
5,392
4,430
Group life
1,281
1,047
Pension related disability insurance 
Nordic
2,173
1,928
Total portfolio premiums
8,846
7,405

Guaranteed pensions 17)
NOK million
2024
2023
Fee and administration income
1,540 
1,600 
Operational cost
   -871 
  -822 
Cash equivalent earnings from 
operations
      669 
     778 
Risk result life & pensions
           35 
     296 
Net profit sharing
      522 
  252 
Cash equivalent earnings before 
amortisation and tax
1,226
1,326
Financial results 
Fee and administration income amounted to NOK 1,540 
million (NOK 1,600 million), while operational cost 
amounted to NOK -871 million (NOK -822 million). The 
income development reflects a stable development in 
assets under management and underlying margins, with 
a slight reduction in margin related to the loss of income 
related to the acquisition of closed pension funds. The 
majority of the business is in long-term run-off, while there 
is growth in public occupational pensions. Cash equivalent 
earnings from operations amounted to NOK 669 million 
(NOK 778 million) for the year.
The risk result for life and pensions was NOK 35 million 
(NOK 296 million), where the decrease is explained by 
weak results related to longevity and disability pensions 
for children. Net profit sharing was NOK 522 million (NOK 
252 million). Increased profit sharing is driven by good 
results in both the Norwegian and Swedish portfolios, 
where the buffer capital situation has improved, and 
returns have been satisfactory. In Sweden, profit sharing 
was NOK 368 million, driven by good returns in strong 
financial markets. The profit sharing in Norway totaled 
NOK 154 million. The value-adjusted return in Norway 
averaged 4.9 per cent, compared with an average 
customer guarantee of 2.8 per cent at the end of the year. 
In Sweden, assets and liabilities have equal duration. The 
average value-adjusted return in Sweden was 4.2 per cent. 
Cash equivalent earnings before amortisation and tax was 
NOK 1,226 million (NOK 1,326 million). 
Balance sheet and market development
At the end of the year, guaranteed reserves amounted 
to NOK 291 billion. This is NOK 7 billion more than at 
the end of 2023. The increase is due to growth in public 
occupational pensions, the increased buffer capital due 
to solid returns, as well as positive currency effects for 
the Swedish operations. As a share of the total pension 
balance, the guaranteed reserves corresponded to 38.8 
per cent (42.8 per cent) at the end of the year, a reduction 
of 4 percentage points from 2023. Buffer capital, which 
secures customers' returns and shields shareholders 
equity in turbulent market conditions, increased to 7.4 
per cent (6.1 per cent) of reserves in Norway and to 24.4 
per cent (21.2 per cent) in Sweden. In total, the buffer 
capital amounted to NOK 31 billion (excluding the excess 
16)   A share of the investment portfolio in the Insurance segment is related to disability covers, where the return accrues to the customer reserves.
17)  This is based on Storebrand Group's alternative income statement and contains alternative performance measures (APMs) 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 at www.storebrand.com/ir.

20    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
value of bonds at amortised cost) at the end of the year, 
an increase of NOK 4.5 billion compared with the previous 
year. 
Key figures Guaranteed pensions
NOK million
2024
2023
Guaranteed reserves 
290,799
283,986
Guaranteed reserves as % of total 
reserves 
38.8 %
42.8 %
Net inflows and outflows, excluding 
transfers
-11,526
-10, 239
Average value-adjusted return in Norway
4.9 %
2.7 %
Average guarantee in Norway
2.8 %
2.9 %
Average value-adjusted return in 
Sweden
4.2 %
9.8 %
Average guarantee in Sweden
2.6 %
2.7 %
Buffer capital as % of customer reserves 
in Norway
7.4 %
6.1 %
Buffer capital as % of customer reserves 
in Sweden
24.4 %
21.2 %
Other 18)
NOK million
2024
2023
Fee and administration income
23
18
Operational cost
-271
-411
Cash equivalent earnings from 
operations
-248
-393
Financial result
1,788
658
Cash equivalent earnings before 
amortisation and tax
1,539
265
The table above excludes eliminations. The segment result 
consists of the sum of the results of the business activities 
in Other, plus eliminations as shown in the table below.
NOK million
2024
2023
Fee and administration income
-305 
-279 
Operational cost
305 
279 
Financial result
Cash equivalent earnings before 
amortisation and tax
Financial results 
The Cash equivalent earnings from operations in the Other 
segment were NOK -248 million, an improvement from 
the previous year's NOK -393 million. Transaction and 
integration costs related to the acquired business had a 
negative impact on the result in 2023 through increased 
costs. The financial result was NOK 1,788 million, a strong 
increase from last year's NOK 658 million. The positive 
financial result is explained by higher interest rates that 
contribute to higher returns on the company portfolios, 
and the financial gain from the divestment of Storebrand 
Health Insurance amounting to NOK 1,047 million. Cash 
equivalent earnings before amortisation and tax were NOK 
1,539 million (NOK 265 million).
Dividend for 2024
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 
guaranteed products. The Board’s ambition is to pay 
a gradually 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 2.0 
billion, corresponding to an ordinary dividend of NOK 4.70 
per share and a dividend ratio of 43 per cent for 2024 
to the Annual General Meeting. This is in addition to the 
completed share buybacks amounting to NOK 1.5 billion. 
Including share buybacks, the total capital distribution 
ratio was 74 %per cent for 2024.
For more information on historical dividends, Storebrand's 
share and other shareholder matters, see the section 
"Shareholder relations" in the chapter "Corporate 
governance".
Capital situation
Storebrand adapts the level of equity and debt in the 
Group continuously and systematically, based on the 
Board's risk appetite, regulatory requirements and to 
ensure a capital efficient structure for shareholders. 
Growth and the composition of business areas are 
important drivers for capital needs. The purpose of 
the capital management framework is to ensure an 
efficient capital structure and contribute to Storebrand's 
achievement of business goals within regulatory 
requirements. The Group’s capital position should form a 
solid foundation to support the Group’s growth strategy 
while at the same time enabling increased distribution of 
capital to shareholders. 
18)  This is based on Storebrand Group's alternative income statement and contains alternative performance measures (APMs) 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 at www.storebrand.com/ir.
Storebrand's 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 ratio of above 150 per cent. If the 
solvency ratio is above 175 per cent, the Board intends to 
propose special dividends or share buybacks.

21    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The Group has a target solvency ratio, in accordance with 
the standard model in Solvency II, of at least 150 per cent. 
At the end of 2024, the solvency ratio for the Group stood 
at 200 per cent, an increase of 8 percentage points from 
192 per cent the previous year. Profit generation in the 
Group contributed 15 percentage points, while dividends 
and share buybacks reduced the solvency ratio by 7.5 
percentage points. 
Storebrand Livsforsikring AS' solvency ratio was 
estimated at 268 per cent, an increase of 18 percentage 
points from the previous year. The buffer capital amounted 
to NOK 14.1 billion at year-end, corresponding to 7.4 per 
cent of the guaranteed reserves. The booked return was 
higher than the return guarantee in 2024, and, despite 
profit sharing, the buffer capital increased during the year. 
The excess value of bonds and loans at amortised cost 
declined by NOK 2.7 billion due to rising interest rates, 
from NOK -10.6 billion to NOK -13.2 billion at the end of 
the year. The excess value of bonds and loans at amortised 
cost is not recognised in the accounts. The subsidiary SPP 
Pension & Försäkring AB reported a solvency ratio of 158 
per cent, compared with 156 per cent the previous year. 
Conditional bonuses increased by NOK 1.8 billion and 
amounted to NOK 16.9 billion at year-end.  
Storebrand Banking Group had a Core Equity Tier 
1 (CET1) capital ratio of 18.0 per cent and a capital 
adequacy ratio of 22.1 per cent at the end of 2024. The 
Group has satisfactory capital adequacy and liquidity 
based on its operations. The lending portfolio mainly 
consists of low-risk mortgages with an average LTV (loan-
to-value) of 61 per cent.
Storebrand ASA (holding) held liquid assets of NOK 3.2 
billion at the end of 2024. Liquid assets mainly consist 
of short-term fixed-income securities with a high credit 
rating. Storebrand ASA's total interest-bearing liabilities 
stood at NOK 1.0 billion at the end of the year, of which 
NOK 0.5 billion matures in September 2025. In addition 
to the liquidity portfolio, the company has a renewed 
unused sustainability-linked credit facility of EUR 200 
million, which expires in 2029 at the earliest. Storebrand 
ASA recognised dividends and group contributions from 
subsidiaries of NOK 4,981 million in 2024. Dividends to 
shareholders amount to NOK 2,040 million.
Rating
Four companies in the Storebrand Group issue debt 
securities. These are rated by the credit rating agency S&P 
Global. Storebrand Livsforsikring AS, which constitutes 
the main operational business, aims to be rated 'A'. 
Storebrand Livsforsikring AS and Storebrand Banking 
ASA have a rating of 'A' with a stable outlook.  Storebrand 
Boligkreditt AS' covered bond programme is rated 'AAA', 
and Storebrand ASA is rated 'BBB+'.  

22    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The consolidated financial statements of Storebrand are 
prepared in accordance with IFRS Accounting Standards 
as established by the EU. 
Operating income for the year amounted to NOK 10,290 
million (NOK 8,597 million). 19) The increase from last 
year is due to higher income from asset management and 
defined contribution pensions as a result of increased 
assets under mangement, driven by underlying growth 
and positive market developments. Furthermore, higher 
income from banking activities contributed as a result of 
higher interest rates and growth in bank lending volumes. 
The net insurance service result was NOK 2,374 million 
(NOK 1,465 million). The increase from last year is mainly 
due to price increases, as there were continued high 
claims in P&C and disability-related insurance products in 
2024. 
The operating profit amounted to NOK 4,228 million (NOK 
2,653 million). 
The net finance result was NOK 2,839 million (NOK 1,107 
million). The strong finance result is due to continued 
higher interest rates, as well as the financial gain from the 
divestment of Storebrand Helseforsikring AS.
Amortisation of intangible assets amounted to NOK -424 
million (NOK -466 million). 
Profit before income tax was NOK 6,643 million (NOK 
3,294 million). 
The Group ended the year with tax expenses of NOK 
-1,121 million (NOK 84 million). The low effective tax 
rate for the year is due to the gain on the divestment of 
Storebrand Helseforsikring AS being within the Norwegian 
exemption method (“fritaksmetoden”), as well as an 
appreciation in SEK against NOK. The estimated normal 
tax rate for the group is 19-22 per cent, depending on 
each legal entity's contribution to the group result. For 
more information on tax and uncertain tax positions, see 
Note 27. 
Group profit after tax was NOK 5,522 million (NOK 3,377 
million).
Group financial statements 
Storebrand (IFRS)
19)  Exclusive insurance revenues reported under ‘net insurance result’

23    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Official financial statements  
Storebrand ASA
Income statement for Storebrand ASA
NOK million
2024
2023
Group contributions and dividends
4,981
4,465
Net financial items  
1,136
46
Operating expenses
-267
-243
Pre-tax profit
5,850
4,268
Tax
-152
-184
Profit for the year
5,699
4,083
Statement of comprehensive income
NOK million
2024
2023
Profit for the year
5,699
4,083
 
 
 
Other result elements not to be 
classified to profit/loss
 
 
Change in estimate deviation pension
-10
-2
Tax on other result elements
3
1
Total other result elements
-8
-2
 
 
 
Total comprehensive income
5,691
4,082
Storebrand ASA's net profit for 2024 amounted to NOK 
5,699 million, compared with NOK 4,083 million in 2023, 
and the Board of Directors proposes a dividend of NOK 
2,040 million, corresponding to NOK 4.70 per share, for 
the 2024 financial year.
Allocation of the profit for the year for Storebrand ASA 
NOK million
2024
2023
Profit for the year
5,699
4,083
 
 
 
Allocations
 
 
Transferred to other reserves
3,659
2,249
Provision for shared dividends
2,040
1,834
Total allocations
5,699
4,083
Storebrand ASA is the holding company in the Storebrand Group, and the accounts 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 achieved a pre-tax profit of NOK 
5,850 million in 2024, compared with NOK 4,268 million in 2023. Group contributions 
and dividends from investments in subsidiaries amounted to NOK 4,981 million, 
compared with NOK 4,465 million the year before.

24    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Risk
Storebrand's risk management framework is designed to 
take the appropriate risk to deliver returns to customers 
and owners. At the same time, it will ensure that the Group 
protects its customers, owners, employees and other 
stakeholders against unwanted incidents and losses. The 
framework covers risks Storebrand may be exposed to. 
Despite a turbulent geopolitical and economic backdrop in 
2024, Storebrand delivered good results and maintained 
its solidity. 
The Board of Directors of Storebrand ASA and the boards 
of its subsidiaries discuss and approve risk appetite and 
risk strategy at least annually. The purpose of risk-taking is 
to help the Group achieve strategic and commercial goals, 
to ensure that customers receive a competitive return on 
their pension assets, and that Storebrand is sufficiently 
paid to assume 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 developed for different risk categories. 
Storebrand publishes an annual Solvency and Financial 
Condition Report (SFCR) that helps customers and other 
stakeholders understand the risk in the business and how 
it is managed.
The Board assesses the risk during the own risk and 
solvency self-assessment process (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 
liabilities. In the longer term, persistently low interest rates 
are a risk because it becomes more difficult to achieve the 
guaranteed return on investment. Other risk areas that are 
assessed are business risk, insurance risk, counterparty 
risk, operational risk, sustainability risk including climate 
risk, and liquidity risk.
Strong equity and credit markets had a positive impact 
on investment returns in 2024, while stable property 
values had a neutral effect. Customer buffers increased 
in line with good returns, which resulted in increased 
risk capacity for guaranteed pensions. At the end of 
2024, the interest rate level was significantly higher 
than the guaranteed rate of return. This increased 
return expectation reduces the risk of not achieving the 
guaranteed return. 
To reduce the short-term risk associated with meeting 
the annual interest rate guarantee, Storebrand has over 
time built a robust portfolio of bonds with long duration 
and high credit quality that are booked at amortised cost. 
This provides a stable annual return because changes 
in the interest rate do not have an accounting effect. 
This strengthens the capacity to take other risks and 
provides increased expected returns for customers. Under 
prevailing market conditions, model-based valuations 
of financial instruments (level 3), such as investment 
property, contain greater uncertainty than usual. 
Storebrand has an active risk management strategy to 
optimise customer returns and shield shareholders' equity 
during turbulent market conditions through dynamic risk 
management, strong customer buffers and by recognising 
a significant proportion of bonds at amortised cost in the 
customer accounts.
Inflation was still higher than desirable in many parts of 
the world, including in Norway and Sweden. High and 
rapidly rising inflation may result in higher costs and higher 
insurance claims. However, the effect of inflation on the 
Group's liabilities is limited because the largest liabilities – 
pension 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 
P&C insurance, it is important to actively monitor inflation 
developments and adjust prices accordingly to mitigate 
the negative effects of inflation. 
There is a risk that Storebrand may incur 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 a decrease in the number of 
reported incidents in 2024. Overall, the number of non-
conformance reports to the Norwegian Data Protection 
Authority has been significantly reduced compared to 
2023.  
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 "Regulatory changes”
Savings 
Savings consist of unit-linked and other non-guaranteed 
pensions, asset management and banking.
In the case of unit-linked, the individual customer bears 
the risk that the return may be low or negative. The 
goal is to achieve 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, 

25    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
and Storebrand faces low risk related to increased life 
expectancy. For Storebrand, the risk in unit-linked is 
therefore primarily related to changes in future income and 
costs. 
The asset management business offers active and 
passive management, as well as management of fund-
of-fund structures. Operational risks, including regulatory 
compliance, pose the greatest risk elements. 
The greatest risks to banking are credit risk and liquidity 
risk. Nearly the entire loan portfolio is secured by collateral 
on real estate, mitigating the bank's credit risk.
Insurance
Insurance consists of risk products and non-life insurance. 
Prices are usually adjusted on an annual basis in response 
to changes in risk. 
The most significant risk is related to insurance coverage 
for disability. The coverages trigger payment from 
Storebrand when people become disable, i.e. Storebrand 
is at risk of increased disability frequency or a higher level 
of compensation than expected. The compensation can 
be in the form of a lump sum (disability capital) or as an 
annual disability pension. Payment of disability capital is 
final. The annual disability pension generally accrues until 
the disabled person switches to an old-age pension at the 
age of 67, and a reserve is set aside for future payments 
when disability has been established. When calculating 
the reserve, it is taken into account that the disabled 
person can become fully or partially fit for work again 
(reactivation), and this reduces the size of the allocated 
reserve. There is a risk that the reactivation will be lower 
than expected. 
The Group also offers coverage that provides payment 
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 motor and home 
insurance. Climate and weather changes affect future 
payments. 
Guaranteed pensions
Guaranteed pensions include savings and pension 
products with guaranteed returns. The primary risks 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 be above the guaranteed level each 
individual year, while in Sweden it is sufficient to achieve a 
guaranteed average return over time. 
Lower interest rates will increase the value of the 
guaranteed liabilities and make it increasingly difficult to 
achieve the guaranteed rate of return. Storebrand strives 
to manage the risk through its investments, but there is a 
residual risk associated with lower interest rates.
The traditional guaranteed products for the private sector 
are closed to new customers, but significant reserves 
remain on the balance sheet. New premiums will primarily 
come in defined-contribution pension plans (unit-linked). 
Storebrand aims to grow in the market for public 
occupational pensions and won several new customers 
in 2024 despite low tender activity.  Public occupational 
pensions differ from guaranteed pensions in the private 
sector in that the employer pays a premium for the 
interest rate guarantee, also for resigned employees and 
pensioners.
Other
Other mainly includes 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, mainly in short-term interest-bearing 
securities with high creditworthiness.
Sustainability risk 
Sustainability risk is environmental, social or governance 
events that have a negative impact on the environment 
and people (e.g. customers or society), or that can have 
a significant negative impact on Storebrand's business 
model, strategy, goal attainment and value creation (e.g. 
financial loss or loss of reputation).
The framework and process for assessing sustainability 
risk are adapted to other risk assessments carried out in 
Storebrand. A comprehensive framework is important, 
because sustainability risks are linked to and affect other 
risks. The risk is evaluated from both society's perspective, 
the customers' perspective and Storebrand's perspective 
(double materiality) and the assessment is summarised in 
the ORSA.
Storebrand has a limited risk of negative impact on the 
outside world other than customers. The most significant 
risk is if Storebrand is misused for money laundering 
and terrorist financing. Given Storebrand's measures to 
prevent money laundering and terrorist financing, the risk 
is considered moderate. Even if Storebrand is affected 
by cybercrime or fraud, it has negative consequences for 
society, especially if there is a link to organized crime. The 
societal risk is limited by Storebrand’s clear stand against 
paying ransoms.
For clients, the biggest risk is that climate risk affects 
investment returns. Physical climate risk can result in 
lower returns, especially in the long term. In the short and 
medium term, the transition to low emissions entails risks. 
Customers also suffer if they are affected by fraud related 
to Storebrand's products or services, or that criminals 
gain access to personal data. A social sustainability risk is 
if time-limited payment results in a large drop in pension 
earlier than customers are prepared for. Customers may 
also be locked out of life insurance products or find that 
insurance becomes too expensive, for example as a result 
of climate change.
For Storebrand, it can have major consequences for 
operations and reputation if the Group encounters cyber-
attacks and is unable to restore systems. Although lower 
returns from climate risk primarily affect customers, it also 
has negative consequences for Storebrand. The direct 
effect is lower asset management income, including the 
risk of lower performance-based fees. If the return is 

26    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
lower than competitors’ returns, it will also weaken the 
competitive position and give rise to a risk of lower new 
sales and customer churn. The most significant societal 
sustainability risk is that trends in society lead to increased 
disability. Climate-related transition risk may also result in 
increased disability as a consequence of the transition to 
zero emissions resulting in increased unemployment. In 
the short term, the most significant physical climate risk is 
that acute climate change, especially torrential rain, results 
in increased P&C insurance payments. The risk increases 
if Storebrand and the rest of the industry are unable to 
adapt premiums to a new normal. 
Regulatory changes
International regulations 
The solvency II audit
Amendments to the Solvency II Directive were adopted 
in the EU in November 2024, published in the EU Official 
Journal in January 2025 and will apply from 2027 with a 
transition phase of a further five years for some changes. 
Work is now underway on delegated regulations and 
recommendations.
The main purpose of the revision is to correct 
shortcomings in the regulations and make the insurance 
sector more robust. At the same time, the European 
Commission has indicated that it wants to facilitate 
insurers to continue to invest in line with the political 
priorities of the EU, in particular with regard to financing 
the post-COVID-19 recovery, by facilitating long-term 
investments and increasing capacity to invest in European 
business. The Commission also underlines the important 
role of the insurane sector in financing the green transition 
and in helping society adapt to climate change. 
Storebrand currently uses the Solvency II standard model 
in the official capital requirement calculations, but as 
discussed under "Outlook", the Group has applied to 
the Financial Supervisory Authority (FSA) of Norway for 
approval to use a partial internal model for financial market 
risk and life insurance risk. The revised standard model 
appears to be more representative of interest rate risk than 
previous proposals from EIOPA. The change means that 
there may be a capital requirement for negative interest 
rates, but there will also be a lower and more realistic 
capital requirement from the long part of the yield curve. 
Changes are also being introduced that can contribute to a 
higher solvency ratio through, among other things, reduced 
risk margins when calculating the insurance liability. 
There will also be changes in the calculation of, among 
other things, the volatility adjustment and an increase 
in the range of outcomes or the symmetric adjustment 
mechanism for equity risk. Overall, the changes are not 
expected to have a significant impact on Storebrand's 
solvency margin. 
CRR3 and new standard method for banking
New rules on capital requirements for banks, CRR3, 
will enter into force in the EU on 1 January 2025. CRR3 
introduces a new standard method for calculating capital 
requirements for credit risk. The new model will provide 
more equal requirements for standard banks and IRB 
banks in Norway, and is important for Storebrand Banking, 
which uses the standard method.
The Ministry of Finance has adopted amendments to the 
regulations introducing the new standardised method 
in Norway, following a proposal prepared by the FSA for 
consultation.  Before the new rules can enter into force, 
CRR3 must be incorporated into the EEA Agreement. 
The Ministry of Finance has announced that CRR3 will be 
implemented in Norway 1 April 2025.  
Digital operational resilience act (DORA)
DORA is a new EU regulation that aims to strengthen the 
digital resilience of the financial sector. DORA will apply 
to most regulated financial institutions, such as banks, 
insurance companies and investment firms, as well as 
to providers of information and communication services 
(ICT services). DORA contains provisions on governance 
and risk management, reporting, testing, management of 
risks related to third-party providers of ICT services and 
supervision of suppliers of critical ICT services. DORA 
harmonises the rules between EU countries, as well as 
complements existing regulations and guidelines in the 
ICT area. 
DORA entered into force in the EU on 17 January 2025. 
There is a desire to harmonise the rules of the internal 
market, including the EEA countries. The FSA has stated 
that it is appropriate to introduce it simultaneously in 
Norway, but the date for Norwegian entry into force has 
not yet been clarified. 
New crisis management directive (IRRD)
The EU will 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 
insurance industry is critical of the proposal, and believes 
that new rules must take into account national differences 
and the special characteristics of the insurance industry 
compared to banks. The proposal means, among 
other things, that recovery plans must be prepared for 
companies that together account for more than 60 per 
cent of the market. There will also be a need to adapt the 
national resolution rules, which were used when Silver 
Pensjonsforsikring was placed under public administration 
in 2017.  
EU action plan on sustainable finance
The EU ambition of Europe being climate neutral by 
2050 requires major investments. The EU's action plan 
for sustainable finance aims to increase the share of 
sustainable investments, promote a long-term perspective 
in companies' planning and clarify which financial 
products take sustainability into account. The points 
below are part of this action plan.
EU taxonomy for sustainable finance
The taxonomy is a classification system that defines 
which economic activities contribute to achieving the 
EU's environmental goals, without compromising social 
conditions. The taxonomy and associated reporting 
requirements were implemented in Norwegian law on 1 
January 2023.

27    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The companies that are affected by the legislation are 
obliged to assess how their products and services affect 
the environment in accordance with the taxonomy's 
classification system. Large listed companies must 
disclose the proportion of their income, expenditure and 
investments that are linked to sustainable activities in line 
with the technical criteria set by the EU for each sector. For 
the financial year 2024, Storebrand is obliged to report 
on activities related to all six environmental objectives in 
the taxonomy, to the extent that they are relevant to the 
Group's activities. 
The rules establish standards for sustainable asset 
management and clarify requirements for reporting 
and customer information. The regulations may help to 
increase confidence and transparency in the financial 
markets. At the same time, the implementation of the 
taxonomy entails challenges, both for us as a financial 
player and for our customers and partners, such as 
ensuring sufficient and reliable data.
In the section "EU taxonomy", we show the proportion of 
our activities that are linked to economic activities that 
contribute to achieving the EU's environmental goals. In 
2024, the focus has been on obtaining good data, despite 
the fact that it is challenging as long as only a limited 
number of companies in the value chain are reportable. 
We will continue to monitor the development of the 
taxonomy and adapt our reporting and operations to new 
criteria. 
Corporate sustainability reporting directive (CSRD)
The Corporate sustainability reporting directive (CSRD) 
replaces the previous Non-financial reporting directive 
(NFRD). The CSRD was introduced into Norwegian law 
in 2024 and expands the reporting requirements in the 
current sections 3-3c of the Accounting Act. Sustainability 
information must be provided in the annual report and will 
to a greater extent be equated with financial information. 
The CSRD contains standards for sustainability reporting 
(ESRS).
The aim of the directive is to establish transparency and 
ensure a long-term perspective, as well as to ensure 
harmonisation and standardisation of reporting for users 
of accounting and sustainability information. The directive 
requires all listed companies in the EU to carry out an 
analysis of and report on risks, opportunities and impacts 
on the environment and society throughout the value 
chain, so-called double materiality. 
Storebrand reports in accordance with the CSRD in this 
annual report, see the chapter "Sustainability" for more 
information. 
Sustainable finance disclosure regulation (SFDR)
The EU Sustainable finance disclosure regulation 
(SFDR), which came into force in March 2021, aims 
to help clients make informed choices about their 
investments and provide increased transparency into how 
sustainability is integrated into a fund's investments. The 
regulations require Storebrand to be transparent about 
how we manages sustainability risk, potential negative 
consequences of our investments, and the extent to which 
our investment products take sustainability into account.
In 2024, the European Commission published a summary 
of the public consultation on the requirements of the 
SFDR conducted in 2023.  The summary pointed to the 
need for harmonisation and a clearer categorisation of 
what is considered sustainable. They also emphasized 
the importance of increasing investments in activities that 
support the transition to a low-carbon society. In June 
2024, the European Supervisory Authorities (EBA), EIOPA 
and ESMA issued a joint statement in which they proposed 
the introduction of simple and clear categories for 
financial products, such as "sustainable" and "transitional" 
products. The aim is to reduce the risk of greenwashing 
and to strengthen consumer protection. Further updates 
are expected in 2025.
The Markets in Financial instruments directive (MIFID II) 
and the Insurance distribution directive (IDD)
In April 2021, the European Commission adopted 
anamendment to the existing MiFID II and IDD regulations, 
stating that sustainability must be assessed in the same 
manner as financial risk. Companies providing investment 
advice must obtain information about customers' 
preferences related to sustainability, as well as mapping 
their experience and knowledge of investments. This 
must be an integral part of the suitability assessment 
companies carry out when they offer financial products to 
their customers.
Storebrand takes a positive view of requirements for 
mapping customers' sustainability preferences. It may 
increase awareness of ESG factors and make it easier to 
understand different types of funds or profiles with a lower 
carbon footprint. Mapping of customer's’ sustainability 
preferences is anchored in internal policies and 
operationalised through routines and working documents. 
Regulation related to sustainability preferences was 
introduced into Norwegian law in 2023.  
Corporate sustainability due diligence directive 
(CSDDD)
The EU Directive on corporate sustainability due diligence 
(CSDDD) entered into force on 25 July 2024 and must be 
implemented in Norwegian legislation by 26 July 2026. 
The threshold for inclusion is higher than the Transparency 
Act, and Storebrand is expected to comply with the 
requirements in 2028. 
CSDDD aims to promote sustainable and responsible 
business conduct and to embed human rights and 
environmental considerations in companies' operations 
and governance systems. The regulations will require 
companies based or operating in the EU to conduct 
upstream and downstream due diligence and respond 
to requests for information from stakeholders on how to 
manage and work to avoid or mitigate adverse impacts. 
The due diligence assessments must be made public, 
and there will be requirements for a plan for climate 
goals and integration of human rights and environmental 
considerations into corporate governance. The CSDDD 
establishes liability for damages for failure to carry out due 
diligence assessments. 

28    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
'Green claims' directive
To counteract "greenwashing", the European Commission 
has come up with a legislative proposal to ensure 
that consumers receive reliable, easy-to-understand, 
comparable and verifiable environmental information. 
This will be achieved through clear rules for companies 
and organisations that have environmental claims in 
commercial communication or that use eco-labelling 
of products. Companies must be able to prove claims 
in their marketing with verifiable data, such as life cycle 
assessments. The proposal for the Green Claims Directive 
was adopted by the Council on 17 June 2024 and the 
Council is waiting for a position from the new European 
Parliament that was elected in July 2024. The timeline 
for when the directive is expected to enter into force is 
currently unclear.
Norwegian regulations 
Changes in the pension system
A broad pension agreement was reached in the Storting 
(Norwegian Parliament) in 2024, which follows up on 
the white paper "An improved pension system with 
a strengthened social profile". This is based on the 
proposals from the committee that evaluated the pension 
reform. The Pensions Committee concludes that the 
pension reform has worked as intended and contributed to 
limiting the growth in expenditure on retirement pensions 
from the National Insurance Scheme and achieving a 
financially sustainable pension system.  Work incentives 
have been improved and contribute to more people 
working longer. 
The main principles of the new pension system 
(accrual model, flexible withdrawal and life expectancy 
adjustment) will be continued.
The most important change that has now been agreed 
upon is to increase the age limits in the pension system in 
line with increased life expectancy. This applies to both 
the lower age limit for withdrawal of   pensions (currently 
62 years), the retirement age (currently 67 years) and the 
upper age limit for earning a pension (currently 75 years). 
The age limits for the social security schemes will be 
increased correspondingly, and the same applies to 
the age at which the transition from disability benefit to 
retirement pension will apply. 
In November 2024, the Ministry of Finance mandated 
a working group to study how the rules on age limits 
should be introduced in occupational pension 
schemes.  Particular reference is made to the need for 
further investigation of disability pensions from private 
occupational pension schemes and retirement pensions 
from defined benefit schemes.   
The pension settlement also means that the maximum 
savings limit for tax-favored individual pension savings 
(IPS) will be increased from NOK 15,000 to NOK 25,000 
per year in 2026. 
Just before the Pensions Committee presented its report, 
the labour organisation LO decided to demand better 
occupational pensions by doubling the minimum rate 
for mandatory occupational pensions from two to four 
per cent, as well as mandatory disability pensions. The 
proposal for the Labour Party's parliamentary election 
program for the period 2025-2029 proposes a gradual 
increase of the minimum rate for mandatory occupational 
pensions in cooperation with the social partners.
After the pension reform, the requirement for mandatory 
occupational pensions and pensions from the first krone, 
occupational pension schemes play a far more central role 
in the Norwegian pension system than before. Storebrand 
is well positioned in this market. Increased age limits 
and increased payment time for defined contribution 
pensions are considered positive. The political discussion 
on increased minimum savings may further strengthen the 
importance of occupational pension schemes. 
Guaranteed retirement products
New buffer rules for guaranteed pension products in the 
private sector were adopted by the Storting in June 2023 
and entered into force on 1 January 2024. 
The amendment means that the revaluation fund and 
additional provisions will be merged into a flexible buffer 
fund, which is distributed among the contracts and can 
cover negative returns. There is no maximum limit to 
the size of the buffer fund, but the companies must have 
guidelines for the size of the buffer fund, and buffer funds 
beyond what the company deems necessary can be 
allocated to the customer as a profit, and for the paid-up 
policies be subject to profit sharing between the customer 
and the company. 
Similar rules were introduced for municipal occupational 
pensions in 2022. 
Storebrand has adapted to the new product rules by 
increasing allocation to higher-risk asset classes as a 
result of improved buffer capital flexibility, which in turn 
leads to increased expected returns for customers and 
shareholders. Storebrand therefore considers the rule 
change to be positive for the management of paid-up 
policies. The solvency effect of the regulatory amendment 
is expected to be neutral, as the positive effect of the new 
buffer rules is offset by a negative effect resulting from 
increased allocation to higher-risk asset classes. 
When the new buffer rules were adopted, the Storting 
asked the Government to consider further changes to the 
rules for paid-up policies that could benefit customers. 
The report of a working group appointed by the Ministry 
of Finance was presented in September and has been 
circulated for consultation. Storebrand expects this report 
to be followed up with a bill from the Ministry of Finance to 
the Storting.  
The working group has, among other things, investigated 
the introduction of so-called borrowed equity. This is a 
measure that means that the guaranteed rate of return can 
be covered by borrowed equity if the return or buffer fund 
is not sufficient. Borrowed equity can be recouped from 
yield surpluses in later years. The measure will facilitate 
more long-term management of the paid-up policies. The 
Norwegian Confederation of Trade Unions (LO) and the 
Confederation of Norwegian Enterprise (NHO) support 
the introduction of borrowed equity and point out that the 
measure will have the greatest effect if borrowed equity 

29    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
cannot be transferred with the pensions reserves. It will 
also be important to avoid the risk of arbitrage-driven 
transfers of contracts.
The working group also proposes simplifications for 
paid-up policies with investment choices, by continuing 
the investment choice as the standard solution during the 
payment period. Today, the customer is moved back to 
the collective portfolio at the start of the payment phase, 
unless the customer makes an active choice to remain in 
the investment choice. The measure is expected to make 
advising easier and improve the value proposition. 
The working group discusses the right to enter bonds and 
loans at amortised cost in the customer accounts. A broad 
majority (all members except the FSA's representative) 
conclude that the right to use amortised cost should be 
retained. The working group notes that: 
"The providers are unanimous in their feedback that 
the removal of the access to amortised cost will have a 
material impact on the ability to manage interest rate risk 
in the client portfolios and thus also on the ability to take 
risk in the management of the funds, as long as the rules 
provide for annual settlement of the investment result and 
valuation of customer funds based on fixed calculation 
rates." 
Public pension schemes
Storebrand has sent two complaints to ESA, the 
supervisory authority for the EEA Agreement. Storebrand 
believe that municipalities and healthcare trusts that 
do not put their occupational pension schemes out for 
tender are in breach of the EEA regulations on public 
procurement. Storebrand also believes that KLP's practice 
of withholding earned equity from customers who move 
from the company constitutes illegal state aid, because 
KLP gains access to capital from municipalities and 
state-owned health trusts on terms that other market 
participants do not have access. 
The aim of the complaints is to accommodate competition 
in the market for public occupational pensions. Storebrand 
wants to remove the uncertainty that has been created 
in municipalities in Norway about the procurement 
regulations and ensure that municipalities and healthcare 
trusts that move from KLP receive all their funds, including 
earned equity.
ESA issued a preliminary assessment in the procurement 
case in February 2024. ESA's preliminary assessment 
is that public occupational pensions are covered by 
the public procurement regulations, and that the lack 
of tenders constitutes a breach of the regulations. The 
Norwegian government responded to ESA in June 2024. 
The response did not provide any new arguments or views 
compared to statements made before ESA issued its 
preliminary assessment. Storebrand therefore expects 
ESA to open a case in the procurement case. 
The state aid case is still under consideration by ESA. 

30    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Outlook
Market performance 
Financial market performance has a major impact on both 
the Group's solvency ratio and financial results. Higher 
interest rates increase returns on company portfolios over 
time and make it easier to achieve returns on customer 
portfolios above the guarantee level, contributing to 
strengthened solvency and return on equity over time. 
Defined contribution pensions and asset management 
are exposed to markets for equity and fixed income 
securities, as well as markets for other asset classes. 
Market movements will therefore affect revenue driven 
by assets under management. Exchange rates between 
the Norwegian krone and the Swedish krona affect 
the reported balance sheet and SPP performance at 
a consolidated level, and exchange rates between the 
Norwegian krone and other international currencies affect 
total assets. The high interest rate level in recent years 
entails a risk of recession in the years ahead. With a robust 
risk management framework, described in a separate 
section below, and with a diversified business, Storebrand 
has proven resilient in various market conditions. 
The Board of Directors believes that the Group is well 
equipped to deliver on the strategy, both in strong and 
challenging market conditions. 
Financial results
In December 2023, Storebrand held a Capital Markets 
Day with a focus on the Group's strategic direction and 
financial ambitions towards 2025. Storebrand's ambition 
is to continue the strong growth in "Future Storebrand". 
Meanwhile, a higher interest rate level will contribute to 
increased results from guaranteed products and company 
portfolios. The Group therefore communicated that its 
profit ambition 20) before amortisation and tax will be 
increased to NOK 5 billion for 2025. 
The business areas' plans to ensure further growth were 
also presented at the Capital Markets Day. In Norway, 
the market for defined contribution pensions is growing 
structurally due to the product's young population.
 Storebrand expects high single-digit growth in premium 
payments and double-digit growth in total assets under 
management in the coming years. Storebrand aims to 
defend the company's strong position in the market, while 
at the same time continuously working to be a cost leader 
and improve the customer experience through end-to-end 
digitalisation. 
In Sweden, SPP is a leading challenger in the market 
for non-unionised pensions. SPP has a digital edge 
and leading ESG solutions. SPP has become a strong 
contributor to the Group's results, supported by an 
ongoing capital release from guaranteed products in 
long-term run-off. Driven by new sales and fund transfers, 
SPP’s ambition is to continue its strong growth trajectory, 
and it is well positioned to further expand its business into 
adjacent products and services. 
Storebrand's role as a leading provider of occupational 
pensions to private companies has been important to 
develop a competitive pension offering to the Norwegian 
public sector. This market is larger than the private sector 
and is growing. The market is currently dominated by one 
major player. Since 2020, Storebrand has succeeded in 
building a good foundation for further growth in the market 
by winning the majority of the tenders in the market. The 
ambition is to gain NOK 7 billion in inflows in the years 
ahead, with further potential if more municipalities put 
their pension procurements out for tender. 
Guaranteed pensions are being phased out and the 
reserves are expected to slightly decrease in the years 
ahead. At the end of the year, guaranteed reserves 
accounted for 38.8 per cent of the total pension reserves. 
The share is declining and was about 4 percentage 
points lower than a year ago. With an interest rate level 
that is higher than the average guaranteed interest 
rate to customers, and a strengthened level of buffer 
capital through 2024, the outlook for profit sharing with 
customers has increased in both the Norwegian and 
Swedish parts of the business.  
20)  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)

31    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
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 to increase total assets by double 
digits towards 2025, while maintaining the income margin. 
The Storebrand brand is well known in Norway, a strength 
when the Group aims to grow rapidly in the Norwegian 
retail market. The ambition is to grow more than 10 per 
cent annually in private savings, mortgages and insurance 
through a focus on customer experience, cross-selling 
and scale-enhancing measures. P&C insurance is a key 
area for profitable growth in the Group, and Storebrand 
Bank plays an important strategic role in offering a full 
range of financial products and services. In 2024, the 
Savings platform Kron was merged with Storebrand Bank, 
combining Kron's market-leading user experience with 
Storebrand's product platform and distribution. Kron has 
continued to grow strongly. 
Storebrand has a disciplined cost culture. In order to 
accelerate growth and further grow the Group's results, 
selected investments in profitable growth have gradually 
increased costs in recent years. This includes growth 
in public occupational pensions and P&C insurance, in 
addition to acquired businesses. At the presentation of the 
fourth quarter results in 2024, Storebrand communicated 
a cost guiding of about NOK 6.8 billion for 2025. Should 
the targeted growth not materialise, management has 
identified potential cost-saving measures. 
Capital management and capital release
Storebrand aims to have a solvency ratio of at least 150 
per cent. At the end of 2024, the solvency ratio stood at 
200 per cent. On an annual basis, the Group expects to 
generate about 16 percentage points of solvency capital 
from results, and about 2 percentage points from the 
guaranteed business in long-term run-off, freeing up 
more capital than the growth of the Group requires. This 
means that about 18 percentage points are available for 
dividends, buybacks of own shares and other purposes. 
Volatility in the financial market, particularly developments 
in long-term interest rates and regulatory changes, can 
result in fluctuations in the solvency ratio. 
Storebrand is developing a partial internal model for 
risk measurement and risk management. The model 
includes all financial market risk and life insurance risk for 
Storebrand Life Insurance and SPP. The internal model 
is used to better understand the risk in the business and 
as a supplement to the reported capital requirement 
calculations based on the standard model. Storebrand has 
applied to the FSA of Norway for approval to use a partial 
internal model in official capital requirement calculations.  
The Board's ambition is to pay increasing ordinary 
dividends and continue to buy back own shares, in 
line with Storebrand's dividend policy as described in 
the chapter "Group Results 2024". The purpose of the 
buybacks is to return surplus capital that in part originates 
from the guaranteed business in long-term run-off. The 
ambition is to return more than NOK 12 billion through 
share buyback programs by the end of 2030. At year-end 
2024, NOK 3.5 billion in share buybacks had been carried 
out since 2022. At the same time, the Group expects that 
there will be additional surplus capital to either grow the 
business organically or via acquisitions, increase dividends 
and buybacks, or optimise the Group's capital structure by 
reducing debt levels. 
The combination of growing results and the release of 
capital is expected to lead to an increasing return on 
equity over time. The Group's target is a 14 per cent return 
on equity.

32    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Corporate governance
Storebrand ASA is the parent company of a financial group 
with the purpose of managing its ownership interests in 
Storebrand's subsidiaries in accordance with applicable 
legislation. Storebrand's main business areas are pensions 
and savings, insurance and banking. The articles of 
association can be found on our website. 
The market is updated on Storebrand's goals, 
strategies and value creation through quarterly earnings 
presentations and in separate investor presentations. 
A Capital Markets Day was most recently held on 13 
December 2023. Read more about the company's 
goals and main strategies in the chapter "Strategy". "Our 
driving force" is Storebrand's core value foundation and is 
described in the chapter "About Storebrand".
Responsible management and corporate governance are 
important to achieve our business goals, ensure the best 
possible utilisation of resources, and for value creation.
The Board of Directors of Storebrand ASA conducts 
ongoing evaluations of goals, strategy, and risk profile. 
Group Executive Management and the Board annually 
assess the principles of corporate governance and 
their compliance.The principles have been established 
in accordance with the Norwegian Code of Practice 
for Corporate Governance (NUES). In line with this 
recommendation, Storebrand reports in accordance with 
sections 2-9 of the Accounting Act, as well as the CSRD.
Storebrand complies with the NUES Recommendation 
without material deviations, with the exception of a minor 
deviation regarding board authorisations to conduct 
share capital increases and share buybacks.  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's authorisations apply.
The table below shows where information in accordance 
with the Norwegian Code of Practice for Corporate 
Governance can be found in the annual report.
Area
Discussed in chapter/section
Page reference
Business
About Storebrand, Strategy and strategic highlights
9, 12-16
Equity and dividends
Section Shareholder relations in chapter Corporate governance
52-53
Equal treatment of shareholders and 
transactions with close associates
Section Shareholder relations in chapter Corporate governance
55
Freely negotiable shares
Section Shareholder relations in chapter Corporate governance
55
General Meeting
Section General meeting in chapter Corporate governance
38
Nomination Committee
Section General meeting in chapter Corporate governance
38-39
Composition and independence of 
the Board
Section Composition, independence, diversity and expertise of the Board in 
chapter Corporate governance
37-38
Work of the Board of Directors
Section Board committees and the Board's responsibilities in chapter 
Corporate governance
37, 39
Risk management and internal control
Section System for governance and internal Control, chapter Corporate 
governance and Description of the main elements of Storebrand’s internal 
control systems, and Annual accounts, Note 5.
34-35, 
220-221
Remuneration of the Board of 
Directors
Section Remuneration of the Board and Executive Management in the 
chapter Corporate governance and Annual accounts, Note 20.
41, 249
Remuneration of Executive 
Management
Section Remuneration of the Board and Executive Management in the 
chapter Corporate governance and Annual accounts, Note 20.
41, 249
Information and communication
Information and communication section in Chapter Corporate governance
55
Takeovers
Section Shareholder relations in chapter Corporate governance
55
Auditor
Auditor section in chapter Corporate governance
41
Overview of information in line with the Norwegian Code of Practice for Corporate Governance

33    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Organisation
Legal structure (simplified)*
Operational structure
The Group's operations are divided into four business 
areas with a clear division of commercial responsibility: 
Corporate Markets Norway, Corporate Markets Sweden 
(SPP), Asset Management and Retail Market Norway.
Reporting segments
In the financial reporting, the business is segmented 
according to the four areas Savings, Insurance, Guaranteed 
pensions and Other. Within each reporting segment, the 
products have comparable performance elements and 
comparable risk.
Savings  
Products that include savings and pensions without 
interest rate guarantees. This includes defined-
contribution pensions in Norway and Sweden, asset 
management and savings and banking products for private 
individuals.
Insurance
Annual risk products in Norway and Sweden. This includes 
non-life insurance and personal risk products in the retail 
market, personal insurance and pension-related insurance 
in the corporate market.
Guaranteed pensions  
Long-term pension products with guaranteed returns. 
This includes pension schemes with guaranteed returns in 
Norway and Sweden.
Other 
This includes other companies in the Group, including 
smaller subsidiaries of Storebrand Livsforsikring and SPP, 
and the result from the company portfolios.
Storebrand
Livsforsikring AS
Storebrand
Asset Management AS
Storebrand
Bank ASA
Storebrand
Forsikring AS
Storebrand 
Facilities AS
Storebrand ASA
Storebrand Boligkreditt AS
Din Salgskonsulent AS (25 %)
FörsäkringsGirot Sverige AB (16,67%)
SPP Konsult AB
SPP Pension & Försäkring AB
Storebrand & SPP Business Services SPP Fastigheter AB (publ)
SPP Fastigheter Komplementãr AB
SPP Hyresförvaltning AB
SPP Spar AB
TGG Fastigheter 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 (27%)
Pensjonskontoregisteret AS (31,1%)
Storebrand Holding AB
Storebrand Fonder AB
Storebrand Fastigheter AB
SKAGEN AS
Capital Investment A/S
Storebrand Asset Management UK Ltd.
Quantfolio AS (37%)
Welcome Workdays AS (45%)
Cubera Private Equity AS
Cubera Private Equity AB
Storebrand AIF AS
Storebrand AIP Holding Aps
Lysaker Park Eiendom AS
AIP Management P/S (60 %)

34    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Key intangible resources
Storebrand has identified several intangible assets that are 
crucial for our competitiveness, value creation and future 
development. The most important intangible assets are 
our competent employees who have specialised expertise 
in our business areas, as well as good technological 
solutions, long-term relationships with customers and a 
strong brand. These resources help strengthen our market 
position, increase operational efficiency and improve the 
customer experience.
Management and governance 
The Board of Directors has established overarching 
principles and guidelines for governance and control. 
They outline the Board's responsibilities and principles for 
determining Storebrand's risk appetite and risk strategy, 
approval of the company's organisation, allocation of 
operational responsibilities and authority, requirements for 
reporting lines and information, as well as requirements for 
risk management and internal control. The responsibilities 
of the Board and the Chief Executive Officer are defined 
in the Board’s instructions and instructions to the Chief 
Executive Officer. The Board has adopted instructions for 
Storebrand's subsidiaries to ensure that they establish and 
comply with the principles. 
Guidelines for Investor Relations ensure reliable, timely 
and consistent information for investors, lenders and other 
stakeholders in the securities market. 
Storebrand has board-approved ethical guidelines and has 
routines for, among other things, events, whistleblowing 
and combating corruption. A group-wide framework 
has been established for risk management, financial 
statement reporting, handling of inside information, 
proprietary trading, and more. Guidelines have also been 
established for the management of conflicts of interest, 
processing of personal data, digital security, operations 
and development, emergency preparedness, crisis 
management and continuity, sustainability work and 
measures against money laundering and other financial 
crime. 
The Board is informed of notifications received in 
accordance with adopted guidelines for whistleblowing. 
Storebrand is subject to statutory supervision in the 
countries in which it operates under license, in addition to 
control by the companies' own control bodies and external 
auditors. 
Storebrand uses the Norwegian Code of Practice 
for Corporate Governance in its active ownership 
as an investor. Since 2006, Storebrand has had an 
administrative Corporate Governance Committee to help 
ensure good corporate governance. 
The Group's system for risk management and internal 
control has three lines of responsibility: 
1.	 Executive Management's risk-taking and risk mana­
gement 
2.	 Independent control functions for risk management, 
compliance, actuarial tasks and digital security
3.	 Internal audit
Group CEO
Board of Directors, Storebrand ASA
People
Communications
Retail
CFO
Corporate
Digital
•
Risk Management Function
•
Compliance Function
•
Actuarial Function
•
CISO
•
Data Protection Officer
SPP
Asset 
Management
1st line of responsibility 
Group Executive Management
2nd line of responsibility 
GRC independent control functions
3rd line of responsibility 
Internal Audit
Instructions/  
Independent
Reports
•
Outsourced to EY
System for governance and control – three lines of responsibility

35    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Governance and control for sustainability [ESRS 2 
GOV-1, GOV-2]
Governance and internal control for sustainability follow 
the same Group organisation. 
The Board of Directors of Storebrand ASA (in this section 
referred to as "the Group Board") discusses the Group's 
overall ambitions and principles for the sustainability work.
The guidelines for sustainability work are approved by the 
Group Board and the boards of all subsidiaries at least 
once a year. The guidelines apply to all companies under 
Storebrand ASA, and the boards and management of 
the group companies have an independent responsibility 
to assess whether the guidelines need to be adapted 
to their operations, including the nature and scope of 
the company. The guidelines define the responsibility 
for integrating sustainability into work processes and 
establish roles and responsibilities for sustainability 
efforts, including the Board's and Executive Management's 
roles and responsibilities in the implementation of this 
work.
•	 The Group Board and the Bords of Group companies 
have overall responsibility for following up sustainability 
impacts, risks and opportunities and for ensuring that 
sustainability is reported in accordance with national 
laws, regulations from the EU, as well as obligations and 
ambitions undertaken by the Company.
•	 The Group Board and the Boards of all subsidiaries 
consider the strategy for work with sustainability as part 
of the annual strategy process. The strategy defines the 
ambitions for the work.
•	 The Board of Group companies determine the 
responsibilities and tasks of the CEO in the field 
of sustainability and approve the organisation of 
responsibilities and tasks. 
•	 The Boards monitor the companies' work with 
sustainability through the strategy process, business 
reviews and reporting from the company, as well as in 
reporting from the independent control functions. 
•	 Group Executive Management and the subsidiary 
Managing Directors are responsible for implementing the 
Group’s and Group companies’ sustainability strategy 
by setting goals and implementing measures within their 
areas of responsibility. They are also responsible for 
ensuring that external and internal regulations related 
to sustainability are considered in products, product 
development, sales, marketing, and distribution within 
their business areas. Additionally, they must incorporate 
sustainability into their risk management, internal 
control systems, and ensure that reporting is carried 
out in accordance with regulatory requirements. They 
must regularly report on progress in key sustainability 
areas and ensure that the organisation has sufficient 
competence to carry out these tasks. All business 
areas have sustainability expertise at the first-line level. 
Our second-line function has expertise in regulatory 
compliance and ensures adherence to applicable 
regulations. The Chief Sustainability Officer (CSO) is 
additionally responsible for advising the Group CEO 
and Group Executive Vice Presidents with specialized 
expertise in sustainability. The CSO is professionally 
responsible for monitoring trends and developments 
in sustainability that impact the Group’s ambitions. 
Furthermore, the CSO is responsible for overall 
competence development, advisory services, and 
fostering an internal sustainability culture. 
The Board considers influences, risks and opportunities 
related to sustainability through its overall responsibility 
for the company's strategy and when making decisions 
on major transactions and risk management processes. 
The Group Board and Boards of subsidiaries adopt 
the strategy, financial plan and strategy for work on 
sustainability. Through these processes, the Group Board 
also assesses how sustainability-related impacts, risks 
and opportunities may affect long-term value creation. The 
Group Board and the Boards of all subsidiaries reviewed 
their strategies for sustainability work during 2024, where 
the overall ambitions and their background were assessed 
and discussed. Group Executive Management is involved 
in the process for the implementation of, as well as the 
results of, the double materiality analysis with associated 
significant impacts, risks and opportunities, and the 
Group Board discusses the results. See more information 
about the work in the section "General information" in the 
chapter "Sustainability". 
As an example, discussions of impacts, risks and 
opportunities related to climate in 2024 were conducted 
through several processes. Group Executive Management  
and the Group Board discussed, among other things, 
potential consequences of different levels of ambition 
for climate targets for the business, both from a financial, 
organisational, compliance and reputational perspective.
The Group Board has considered and adopted the Group's 
transition plan for climate, and all subsidiary boards 
have considered and adopted their respective transition 
plans, with associated discussions on impacts, risks and 
opportunities.  
Storebrand has established due diligence procedures for 
the delivery of its financial services and the management 
of its employees. There are also procedures for supply 
chain and business contacts. As for all other procedures 
that describe operational processes, these must be 
processed and adopted by the CEO of the individual 
enterprise. The CEO of each company, together with his or 
her management team, is responsible for following up the 
work on due diligence assessments, which are reported 
externally on an annual basis. The report is signed by the 
Boards of all companies. 

36    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The Board of Directors
Back left to right: Stine Beate Moe (Employee Representative), Hanne Seim Grave (Employee Representative), Aleksander Nyland (Employee 
Representative) and Jaan Ivar Semlitsch (Board Director)
Front left to right: Viveka Ekberg (Board Director), Jarle Roth (Board Chair), Christel Elise Borge (Board Director) and Benjamin K. Golding (Board 
Director). Marianne Bergmann Røren (Board Director) and Martin Skancke (Board Director) were not present when the photo was taken.
Chairman
Jarle Roth
Member
Christel Elise Borge
Martin Skancke
Benjamin K. Golding
Jaan Ivar Semlitsch
Viveka Ekberg
Marianne Bergmann Røren
Member (Employee Representative)
Hanne Seim Grave
Stine Beate Moe
Aleksander Nyland

37    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Responsibilities of the Board of Directors 
The Board of Directors of Storebrand ASA holds the 
ultimate responsibility for overseeing the management 
of the Storebrand Group. They are accountable for the 
Group's overall governance and supervise the activities of 
the administration. This means, among other things, that 
the Board must establish a strategy, ensure a responsible 
organisation of the business and establish plans, budgets 
and procedures. The Board oversees the Group's 
administration and keeps informed of the Group's financial 
position. In addition, the Board ensures that the business, 
accounting and asset management are subject to 
satisfactory control and that Storebrand's capital situation 
is prudent in relation to the scope and risk of the business. 
All shareholder-elected board members are independent 
and have no significant business relationships with 
Storebrand. None of the shareholder-elected board 
members are senior executives of the Group.
The Board shall contribute to ensuring that the company's 
value creation and profitability are safeguarded in the best 
possible way on behalf of the owners and society - and 
in line with our strategy for work with sustainability. The 
Board conducts ongoing assessments of the company's 
impact on the environment, people and society.  At the 
Board's annual strategy meeting, Storebrand's future 
strategic direction is discussed, which sets guidelines for 
the administration's preparation of budgets and plans as 
part of the annual financial plan decided by the Board. 
The Board has established guidelines that give board 
members and senior executives a duty to make 
Storebrand aware of any significant interests they may 
have in matters that the Board is to consider. This also 
applies to interests that do not entail disqualification but 
nonetheless may need to be considered.
In 2024, 12 board meetings were held. The attendance 
frequency for each board member is shown in the 
overview below. The Board's working methods are 
governed by board instructions, which are reviewed 
annually. To ensure sound decision making, emphasis 
is placed on preparing board meetings thoroughly and 
ensuring that everyone can participate in the decision-
making processes. The Board establishes annual meeting 
and theme plans. The agenda for the following board 
meeting is typically presented to the Board, based on the 
annual theme plan and a list of follow-up items. The final 
agenda is determined in consultation with the Board chair. 
Periodically, time is set aside to evaluate board meetings 
without the administration present. The Board may engage 
external advisors to the extent it deems necessary. The 
Board has also established instructions for the CEO.
The Board conducts an annual evaluation of its work, 
which provides a basis for changes and measures. The 
evaluation report, or relevant excerpts, are made available 
to the Nomination Committee.
The Board and senior executives are covered by the 
company's ongoing directors' liability insurance. This 
is placed with insurers with solid ratings. The insurer 
will, within the framework of the insurance coverage, 
compensate for capital losses as a result of claims made 
against the insured for personal management liability 
during the insurance period.
Board composition, independence, diversity and 
expertise [ESRS 2 GOV-1]
Storebrand's Articles of Association stipulate that 
between five and seven board members are elected by 
the General Meeting upon recommendation from the 
Nomination Committee. The chair of the Board is elected 
by the General Meeting. Two members, or three members 
if the General Meeting elects six or seven board members, 
are elected by and from the employees. Board members 
are elected for one year at a time. Group Executive 
Management is not represented on the Board. At the 
end of 2024, the Board consisted of 10 members (five 
men and five women) 21). Of the board members, seven 
are shareholder-elected and independent, while three 
members are elected by and from the employees.
None of the board members elected by the General 
Meeting have an employment or contractor relationship 
with Storebrand, beyond their roles as board members. 
There have been no cases of conflicts of interest during 
board discussions in 2024. An overview of the number 
of shares in Storebrand ASA owned by members of the 
governing bodies as of December 31, 2024, is provided 
in the notes to the financial statements for Storebrand 
ASA (Information on related parties). None of the board 
members have held their positions for more than ten years.
The board members have diverse backgrounds, 
experience, and expertise, which ensures effective 
governance and oversight. The board members collectively 
have broad experience within finance, insurance, asset 
management, sustainability, technology, and international 
business operations. This provides a strong foundation 
for understanding and addressing the strategic needs and 
challenges facing Storebrand. 
21)  The Board consists of 50 per cent women and 50 per cent men. The Board's gender distribution is therefore 1:1.

38    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The Board of Directors, the Risk Committee, and the 
Audit Committee as a whole have significant sustainability 
expertise, which helps them effectively manage 
Storebrand's material impacts, risks, and opportunities in 
relation to sustainability in the following ways:
•	 Strategic oversight: Monitoring the company's strategic 
goals and actions, ensuring they align with regulations, 
as well as the company's long-term business strategy 
and sustainability efforts.
•	 Risk management: Effectively identifying, assessing, and 
managing sustainability-related risks.
•	 Identifying opportunities: Supporting the administration 
in identifying and capitalizing on business opportunities 
within the sustainability field.
For more detailed information about the experience and 
expertise of each board member and Group Executive 
Management, see "Board of Directors CVs" and "Group 
Executive Management CVs". For information on the 
Executive Management's responsibility for sustainability 
and related expertise, refer to the points above: 
"governance and control for sustainability."
General Meeting
The ordinary General Meeting of Storebrand ASA shall, 
in accordance with the Articles of Association, be held by 
the end of June each year. The General Meeting was held 
on 4 April 2024.All shareholders with a known address 
receive a notice at least 21 days before the General 
Meeting. According to the Articles of Association in force 
at the time of the 2024 General Meeting, the registration 
deadline could be set no earlier than two business days 
before the meeting.In accordance with Storebrand's 
Articles of Association, the option to make other meeting 
documentation available on Storebrand's website is 
utilised, cf. the Public Limited Liability Companies Act § 
5-11a. Shareholders may request to receive the meeting 
documents by post.
All shareholders were able to attend the General 
Meeting digitally. Storebrand's Articles of Association 
allow shareholders to vote in advance using electronic 
communication, in accordance with the Norwegian Public 
Companies Act § 5-8b. Additionally, shareholders can 
vote by proxy. 22)
At the General Meeting, the Board Chair, the Nomination 
Committee Chair, and the External Auditor participate. 
Board members of Storebrand ASA are not required to 
attend but are encouraged to. From the administration, 
the CEO, parts of the Group Executive Management, 
and the Group Legal Director participate. Minutes in 
both Norwegian and English versions are available on 
Storebrand's website.
The General Meeting will be opened by the person 
designated by the Board. The Board of Directors proposes 
an independent meeting chair, to be elected by the 
General Meeting.
The following matters shall be addressed:
•	 Presentation of the annual accounts, including the 
income statement, balance sheet, and annual report, 
including the consolidated income statement and 
consolidated balance sheet, as well as the auditor's 
report.
•	 Decisions on the approval of the income statement and 
balance sheet.
•	 Decisions on the approval of the consolidated income 
statement and consolidated balance sheet.
•	 Decisions on the allocation of annual profit or coverage 
of losses according to the approved balance sheet, and 
any distribution of dividends.
•	 	Election of auditor.
•	 Election of members to the Nomination Committee, and 
among them, Nomination Committee Chair.
•	 	Election of members to the Board, and among them, the 
Board Chair.
•	 Discussion of the Board's report on the determination of 
salaries and other remuneration for senior executives.
•	 	Determination of remuneration for the board members 
and members of board committees.
•	 Determination of remuneration for members of the 
Nomination Committee.
•	 	Determination of remuneration for the auditor.
•	 Discussion of other matters included in the notice of the 
meeting.
Decisions are generally made by simple majority. A 
qualified majority is required for certain decisions 
according to Norwegian law, including the waiver of 
preemptive rights in connection with a potential share 
issue, merger, demerger, amendment of the articles of 
association, or authorisation to increase or decrease the 
share capital. For such decisions, approval from at least 
two-thirds of both the votes cast and the share capital 
represented at the general meeting is required.
Nomination Committee 
The Nomination Committee shall propose candidates 
and fees for the Board of Directors and the Nomination 
Committee, through recommendations to the General 
Meeting.
The Nomination Committee is established by the Articles 
of Association and consists of a minimum of three and a 
maximum of five members. For the election period 2023-
2024, the committee consisted of four members. The 
chair and the other members are elected annually by the 
General Meeting.
The majority of the committee members are independent 
of the Board and the administration. The committee is 
composed with the aim of ensuring that the interests of 
the shareholder community are safeguarded, and General 
Meeting's instructions for the Nomination Committee 
include provisions on rotation for committee members.
The Storebrand's Articles of Association stipulate that the 
Nomination Committee shall follow the instructions set 
22)  Further information on advance voting, the use of proxies, and shareholders' rights to have matters addressed at the general meeting is provided both in the notice and on Store­
brand's website.

39    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
by the General Meeting. The instructions were last revised 
at the ordinary General Meeting in the spring of 2024. 
According to the instructions, the Nomination Committee 
should consider, among other factors, the following 
when recommending board candidates: competence, 
experience, capacity, gender balance, independence, and 
the interests of the shareholder community.
More information about the members can be found on 
Storebrand's website. The Nomination Committee writes 
annually to the company's 30 largest shareholders, 
encouraging them to suggest candidates.
The remuneration of the members of the Nomination 
Committee shall be adapted to the nature of the work and 
the time spent on committee work.
Board committees
The Board has established three sub-committees: the 
Compensation Committee, the Audit Committee, and the 
Risk Committee. The committees consist of three to four 
board members, of which two to three are shareholder-
elected and one is employee-elected. The composition 
is intended to ensure thorough and independent 
handling of matters related to internal control, financial 
reporting, sustainability reporting, risk assessments, and 
compensation for senior executives. The committees 
are preparatory and advisory working groups that assist 
the Board in preparing matters, but decisions are made 
solely by the Board. The committees may hold meetings 
and address matters without the participation of the 
administration.
The Compensation Committee assists the Board in 
all matters related to remuneration of the CEO. The 
committee is kept informed about the remuneration 
schemes for senior executives at Storebrand and 
proposes guidelines for determining compensation for 
senior executives and the Board's statement on executive 
compensation, which is presented annually at the General 
Meeting. Additionally, the committee addresses the topics 
required by the remuneration regulations in Norway 
and Sweden. The Compensation Committee held four 
meetings in 2024.
The Audit Committee assists the Board in reviewing, 
evaluating, and potentially proposing actions regarding 
the control environment, financial, sustainability, and 
operational reporting, risk management/control, and 
external and internal audits. The Audit Committee held 
six meetings in 2024. The external auditor participates in 
the meetings, and the internal auditor participates when 
needed. The majority of the members of the committee 
are independent of the business.
The primary task of the Risk Committee is to prepare 
the Board's discussions on risk-related matters, with 
particular attention to Storebrand's risk appetite and 
risk strategy, including the investment strategy. The 
committee provides forward-looking decision support 
for the Board's discussions on the business's risk-taking, 
financial forecasts, and risk reporting management. The 
Risk Committee held seven meetings in 2024.
Risk Committee 
Audit Committee 
Compensation Committee 
The Nomination Committee
Chair
Jaan Ivar Semlitsch


Member
Martin Skancke 
Christel Elise Borge
Jarle Roth  
Employee-elected member 
Stine Beate Moe 
Chair
Martin Skancke


Member
Viveka Ekberg 
Benjamin Golding
Employee-elected member 
Aleksander Nyland 
Chair
Jarle Roth


Member
Marianne Bergmann Røren 
Christel Elise Borge
Employee-elected member
Hanne Seim Grave
Chair
Nils Halvard Bastiansen


Member 
(shareholder-elected)
Lars Jansen Viste
Liv Monica Stubholt 
Fridtjof Berents 

40    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Board of 
Directors
Attend­
ance/   
relevant 
meetings
Audit 
Committee
Attend­
ance/  
relevant 
meetings
Risk 
Committee
Attend­
ance/  
relevant 
meetings
Compensation 
Committee
Attend­
ance/  
relevant 
meetings
role and term
role and term
role and term
role and term
Jarle Roth
Board Director
11/12
Member
6/7
Chair
2/3
01.01.2024-
04.04.2024
01.01.2024-
31.12.2024
04.04.2024-
31.12.2024
Board Chair
04.04.2024-
31.12.2024
Martin 
Skancke
Board Director
12/12
Chair
6/6
Chair
7/7
01.01.2024-
04.04.2024 
04.04.2024-
31.12.2024
01.01.2024-
04.04.2024
Deputy Chair 
Member
04.04.2024-
31.12.2024
04.04.2024-
31.12.2024
Christel Elise 
Borge
Board Director
12/12
Member
4/5
Member
3/3
01.01.2024-
31.12.2024
04.04.2024-
31.12.2024
04.04.2024-
31.12.2024
Marianne B. 
Røren
Board Director
6/12
0/2
Member
2/4
01.01.2024-
31.12.2024
01.01.2024-
31.12.2024
Benjamin 
Kristoffer 
Golding
Board Director
9/9
Member
4/4
04.04.2024-
31.12.2024
04.04.2024-
31.12.2024
Jaan Ivar 
Semlitsch
Board Director
9/9
Chair
4/5
04.04.2024-
31.12.2024
04.04.2024-
31.12.2024
Viveka 
Ekberg
Board Director
9/9
Member
3/4
04.04.2024-
31.12.2024
04.04.2024-
31.12.2024
Aleksander 
Nyland
Employee Rep­
resentantive
4/4
Member
27.08.2024-
31.12.2024
27.08.2024-
31.12.2024
Hanne Seim 
Grave
Employee Rep­
resentantive
12/12
Member
5/5
Member
2/2
01.01.2024-
31.12.2024
01.01.2024-
27.08.2024
27.08.2024-
31.12.2024
Stine Beate 
Moe
Employee Rep­
resentantive
8/8
Member
4/4
01.05.2024-
31.12.2024
01.05.2024-
31.12.2024
Didrik Munch
Board Chair
3/3
Chair
1/1
01.01.2024-
04.04.2024
01.01.2024-
04.04.2024
Karin Bing 
Orgland
Board Director
3/3
Chair
2/2
01.01.2024-
04.04.2024
01.01.2024-
04.04.2024
Fredrik 
Åtting
Board Director
3/3
Member
2/2
01.01.2024-
04.04.2024
01.01.2024-
04.04.2024
Svein 
Thomas 
Lømork
Employee 
Representantive
4/4
Member
3/3
01.01.2024-
30.04.2024
01.01.2024-
30.04.2024
Hans- Petter 
Bache- 
Salvesen
Employee 
Representantive
6/8
Member
2/2
01.01.2024-
16.07.2024
01.01.2024-
16.07.2024
Board of Directors meeting attendance

41    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Auditor 
The external auditor is elected by the General Meeting 
and audits financial and sustainability information. The 
external auditor submits an auditor's report related to 
the annual accounts. The auditor participates in board 
meetings where the accounts are discussed, and at all 
meetings of the Audit Committee, unless the matters do 
not require the auditor's presence. The auditor shall rotate 
the responsible partner on the audit assignment at least 
every seven years, and Storebrand shall conduct tenders 
for the selection of an audit firm at least every ten years. 
Each year, the external auditor's work and independence 
are evaluated by the Audit Committee. The auditor has an 
annual meeting with the Board without the administration 
being present. The other companies in Storebrand have 
the same auditor as Storebrand ASA.
Remuneration of the Board of Directors and 
Senior Executives
The General Meeting annually determines the Board's 
compensation, based on the Nomination Committee's 
recommendations. Board members' fees are not tied 
to performance, stock option programs, or similar 
incentives. Bord and committee members do not receive 
incentive-based compensation. Instead, they receive 
a fixed compensation, either per year or per meeting 
attended, or a combination of both. Shareholder-elected 
board members do not participate in Storebrand's 
pension schemes. None of the shareholder-elected board 
members have other assignments for Storebrand beyond 
their board role. Further information about compensation, 
loans, and shareholding can be found in note 20 of the 
financial statements. Board members are encouraged to 
own shares in the company.
The Board determines the structure of compensation 
for senior executives at Storebrand, and guidelines for 
this compensation (formerly the executive remuneration 
statement) are presented to the General Meeting for 
approval at least every four years or in the event of any 
significant changes. The compensation consists of a 
fixed salary, pension plan, and other employee benefits 
that are typical for a financial group. The compensation 
is designed to motivate good performance for long-term 
value creation and resource utilisation in the company. The 
Board’s position is that the total compensation should be 
competitive but not leading in terms of salary levels.
The salary of Group Executive Management is determined 
based on the responsibility and complexity of the role. 
Regular comparisons are made with similar roles in 
other companies in the financial industry to ensure a 
competitive salary level. The guidelines for executive 
compensation are established by the Board of Storebrand 
ASA, in accordance with the Norwegian Public 
Companies Act § 6-16 litra a. Storebrand's guidelines for 
financial compensation are aligned with the company's 
business strategy. In order to best serve customers and 
shareholders, Storebrand believes it is right to focus 
primarily on fixed salary as the main component of total 
economic compensation, with limited use of variable 
compensation.
In accordance with Storebrand’s compensation 
framework, Group Executive Management does not 
receive commission-based or variable compensation. 
To ensure that Executive Management's incentives are 
aligned with the long-term interests of shareholders, a 
significant portion of the gross fixed salary is tied to the 
purchase of Storebrand shares with a three-year lock-up 
period. Executive Management is also followed up on 
sustainability-related goals, which will have an indirect 
effect on total compensation.
The Compensation Committee at Storebrand, which is 
a sub-committee of the Board, evaluates annually the 
Executive Management's compensation model to ensure 
that the model is in line with the company’s strategy and 
long-term goals, including sustainability goals.
Senior executives are encouraged to own shares 
in Storebrand ASA even after the lock-up period. 
Storebrand’s strategy and operational goals form the 
basis for annual individual assessments of employee 
compensation. This further strengthens the alignment 
between owners and management.
Further information about compensation for senior 
executives can be found in note 20 of the financial 
statements and in Storebrand's guidelines for determining 
compensation for the Group Executive Management, 
which is available on Storebrand's website.

42    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Board of Directors CVs
Jarle Roth (1960)
Board Chair, Storebrand ASA since 2024
Position
Independent Advisor
Education
MSc Economics and Business Administration, Norwegian 
School of Economics (NHH) 
Selected experience: 
2023-present: Board memeber and chairman experience 
in ESG, renewable energy, investment and finance 
companies, state ownership, Scandinavia and globally
2019-2022: CEO, Umoe Gruppen AS – Family-owned 
investment company, active ownership, M&A, ESG, 
Scandinavia, Brazil 
2016-2019: CEO, Arendals Fossekompani ASA – 
Industrial investment company, publicly listed, active 
ownership, M&A, ESG, Europe, Asia, North America
2012-2016: CEO, Eksportkreditt Norge AS – Financing, 
ESG, Norway and internationally
2022/2016-2024: Chair/member of the Nomination 
Committee and Corporate Assembly, Equinor – ESG, 
listed company, Norway and internationally
Positions of trust
Board Chair, Hafslund AS
Board Director, Norfund
Board Director, Umoe Gruppen AS
Member of the Committee for the Conservation of the 
Polar Ship Fram (Fram Museum)
Ownership in Storebrand
Number of shares as of 31.12.2024: 11,000
Martin Skancke (1966)
Board Director, Storebrand ASA since 2014
Position
Self-employed
Education
Authorised Financial Analyst, Norwegian School of 
Economics (NHH) 
MSc Econ, London School of Economics and Political 
Science)
International Finance Programme, Stockholm School of 
Economics
MSc Economics and Business Administration, Norwegian 
School of Economics (NHH) 
Selected experience:
2023: Chair of the Climate Committee 2050
2021: Chair of the Expert Group on Climate Risk in the 
Government Pension Fund Global
2018: Chair of the Climate Risk Committee 
2016-2024: Member of the Task Force on Climate-related 
Financial Disclosures (TCFD) 
2014-2023: Board Chair Principles for Responsible 
Investment (PRI) 
2011-2013: Special Adviser, Storebrand – Norwegian 
occupational pension and Asset Management
2006-2011, 1994 – 2001: Director of Department and 
Director General, Ministry of Finance – Head of Section 
for Monetary Policy and Public Finances, Strategy 
Development and Follow-up of the Government Pension 
Fund
2002-2006: Director General, Prime Minister's Office – 
Head of the Domestic Department
2001-2002: Business Advisor, McKinsey & Company – 
Strategic advisory services for Norwegian and international 
clients.
Positions of trust
Board Director, Storebrand Livsforsikring AS
Board Director, Norfund
Board Director, Summa Equity AB
Board Director, The Norwegian Climate Foundation
Board Director, Climate Foundation Umoe
Ownership in Storebrand
Number of shares as of 31.12.2024: 45,000

43    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Christel Elise Borge (1967)
Board Director, Storebrand ASA since 2021
Position
CEO, Entur AS
Education
Master of Computer Science, Norwegian University of 
Science and Technology (NTNU) 
MBA Programme INSEAD, Fontainebleau, France 
Selected experience 
2020-present: CEO, Entur AS – Leadership, digital 
development of platforms and customer solutions, 
cybersecurity, sustainability, customer service
2017–2020: Managing Director, Dipper AS – Strategy 
development, product innovation, digital customer 
solutions and customer service in telecom
2008–2017: SVP Head of Group Strategy, CEO Office and 
Portfolio Development, Telenor ASA – Leadship, strategy 
development, M&A, digitalisation, investment, regulatory 
work, capital market communication
2005-2008: Senior Vice President, Strategy, Telenor 
Nordics – Strategy development, product development 
and M&A in the Nordic region
1999–2005: Engagement Manager, McKinsey – Strategy 
development and product development banking and 
insurance
Positions of trust
Board Director, Sparebank1 Midt-Norge 
Board Director, SND Invest 
Ownership in Storebrand
Number of shares as of 31.12.2024: 11,000
Benjamin K. Golding (1980)
Board Director, Storebrand ASA since 2024
Position
CEO, Arendals Fossekompani ASA
Education
Master of Technology in Cybernetics, Norwegian University 
of Science and Technology (NTNU)
Selected experience 
2023-present: CEO, Arendals Fossekompani ASA – 
Leadership, strategy, renewable energy and sustainability.
2016–2023: Group EVP Product & Innovation, Group EVP 
Payments & Innovation, EVP, Head of Division Payments, 
Open Banking, Head of Group Strategy, DNB ASA – 
Leadership, banking, innovation, digitalisation. Board 
positions at Bits (Vipps), BankAxept, and BankID
2014–2015: Investment Manager, Akastor ASA – Global 
investment operations 
2012–2014: Vice President, Corporate Business 
Development, Project Manager, Aker Solutions ASA – 
Global investment operations
2011–2012: Project Manager Corporate Development, 
Orkla ASA – Business and strategy development 
2005–2011: Engagement Manager, McKinsey & Co. Inc. 
– Strategy development, including sustainability and CO2 
cost curves 
Position of Trust 
Board Director, Volue
Board Chair, ENRX
Ownership in Storebrand
Number of shares as of 31.12.2024: 4,000

44    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Jaan Ivar Semlitsch (1971)
Board Director, Storebrand ASA since 2024
Position:
President and CEO, Komplett Group
Education
MSc Economics and Business Administration, Norwegian 
School of Economics (NHH)
Selected experience 
2013-2019/2023- present: CEO Elkjøp Nordic and CEO 
Komplett ASA – Digital development and B2C (consumer 
market) and B2B (corporate market). Marketing, consumer 
behavior, sustainability trends, new consumer needs
2019-2022: President and CEO, Orkla ASA – Industrial 
expertise, product innovation, digitalisation, branding and 
sustainability both in Norway and internationally/globally
2014-2023: Board Director, DnB ASA – Development of 
financial products and services within banking, insurance 
and pension management, as well as digital banking and 
insurance development in the Norwegian and Swedish 
markets, sustainability
1995-2001: Associate Partner, Engagement Manager, 
Junior Associate , McKinsey& Company – Strategic 
experience banking/insurance, Fast-Moving Consumer 
Goods (FMCG) and digital development and customer 
needs. Extensive geographical experience, particularly in 
the Nordics and the UK
Position of Trust 
Board Chair, Netonnet Norway 
Board Chair, Marked Gruppen
Chair, Komplett Distribusjon 
Chair, Komplett Services
Chair, Norli
Ownership in Storebrand
Number of shares as of 31.12.2024: 10,000
Viveka Ekberg (1962)
Board Director, Storebra since 2024
Position
Self-employed
Education
MSc Business and Economics, Stockholm School of 
Economics
Selected experience
2013-present: Chairman, board member, and chair of 
audit, investment, and risk committees in companies 
within finance, real estate, technology, and healthcare 
in the Nordic region, as well as some businesses with an 
international presence
2009-2012: CEO, PP Pension – Pension company 
specialising in the Swedish media industry, offering 
defined benefit and fund-based insurance products
2007-2009: Head of Nordics, Morgan Stanley Investment 
Management – Responsible for business development 
in the Nordic region for all MSIM's products, institutional 
clients and distributors
2000-2007: Associate Partner, Head of Project 
Management, Head of Sales & Investor Relations Brummer 
& Partners – Member of the executive team. Project 
management, sales, and investor relations. Institutional 
clients and distributors in the Nordic region and globally. 
Board member of Alfa & Beta Fondsförsäkring AB, 
Manticore Capital AB, and Arcos Fondbolag AB (Finland) 
1991-2000: Head of SEB Institutional Management, Head 
of Business Management, Analyst/Strategist SEB Fonder, 
SEB – Strategic asset allocation, asset management, and 
business development. Member of SEB Invest & Fonder’s 
executive team. Member of Division SEB’s board. Analyst 
and investment strategist
Position of Trust
Board Director and Chair of the Audit Committee, Nilfisk 
Holding A/S 
Board Director and Chair of the Audit Committee, 
AutoStore Holdings Ltd  
Board Director and Chair of the Audit Committee, Lindab 
International AB
Board Director and Chair of the Audit Committee, Dellner 
Couplers Group AB
Ownership in Storebrand
Number of shares as of 31.12.2024: 24,200
Number of shares owned by the close associate: 52,871

45    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Marianne Bergmann Røren (1968)
Board Director, Storebrand ASA since 2020
Position
CEO, Mesta AS
Education
Master of Law, University of Oslo (UiO)
Selected experience 
2007-2019: Global Head of COO Office, Global Head 
of Risk, Global Head of AML Program, COO and Deputy 
Country Manager and Chief Legal Adviser, Danske Banking 
Corporate & Institutions 
2005-2007: Managing Associate, Thommessen 
2001-2005: Managing Associate and Associate, 
Wiersholm
1999-2001: Advisor and international coordinator, The 
Danish Financial Supervisory Authority
1998-1999: Lawyer, Arthur Andersen Law Firm 
Position of Trust
Member of the Corporate Assembly of Telenor ASA
Board Director, SmartCraft ASA
Board Director, Skift
Ownership in Storebrand
Number of shares as of 31.12.2024: 8,000
Number of shares owned by the close associate: 2,000
Hanne Seim Grave (1974)
Employee Representantive, Storebrand ASA since 2021
Position
Group Union Representative, Finansforbundet Storebrand
Education
Market Economist (IHM)
The Insurance Academy
KanFinans and Finaut
Selected experience
2000-2024: Authorized insurance advisor, Storebrand 
- Customer advice within pension, settlement, non-life 
insurance, personal insurance, service within life products 
privately, sale of insurance both life/and damage products 
- collective and private. Responsible for training and 
subject support (UW)
Positions of trust
Employee-elected member of the Board of Directors, 
Storebrand Livsforsikring
Member of the Audit Committee and the Remuneration 
Committee, Storebrand ASA
Board Chair, Finansforbundet Storebrand
Ownership in Storebrand
Number of shares as of 31.12.2024: 1,690

46    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Stine Beate Moe (1966)
Employee Representantive, Storebrand ASA since 2024
Position: 
Employee relations, Storebrand Livsforsikring AS
Selected experience:
2008–present: Claims Advisor, Storebrand Livsforsikring 
AS – Claims processing and customer service for 
retirement, disability, and survivor pensions. Manager 
with personnel and professional responsibility for the 
switchboard and reception
2002–2008: Lindorff Accounting – Head of Invoice 
Administration, HR Advisor responsible for employment 
contracts, recruitment, and personnel matters, as well 
as organising training courses for internal and external 
participants
1997–2002: Liquidity Consultant, Storebrand ASA – Cash 
Management. Department Manager
Positions of Trust
Board Director, Storebrand’s Fund for Employees 
Board Director, Finansforbundet Region Oslo Akershus 
Board Director, Finansforbundet Storebrand 
Board Director, AS Conservative House Lillestrøm
Ownership in Storebrand
Number of shares as of 31.12.2024: 1,020
Aleksander Nyland (1985)
Employee Representantive, Storebrand ASA since 2024
Position
Head of Customer and Process, Storebrand Forsikring AS
Education: 
Bachelor of Business Administration (BI Norwegian 
Business School, Oslo)
Authorized Insurance Advisor AIP and AIS (Finaut)
Selected experience 
2014–2020: Sales Manager, Storebrand Forsikring 
AS – Management, insurance sales, team and person 
development, development of sales strategies 
Development of new products and services
2013–2014: Senior insurance advisor, Storebrand 
Forsikring AS – Advisory sales and service of personal and 
non-life insurance to private customers. Responsibility 
for competence development and onboarding new 
employees
2010–2013: Insurance advisor, Storebrand Livsforsikring 
AS – Advisory sales and service of personal and non-life 
insurance to private customers
Positions of trust
Leader of Finans Norge’s Specialist Committee for 
Company Transfer 
Board Chair and co-owner M.A.D AS 
Ownership in Storebrand
Number of shares as of 31.12.2024: 1,020

47    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Group Executive Management
Back left to right: Jan Erik Saugestad (Executive Vice President, Asset Management), Jenny Rundbladh (Executive Vice President, SPP), Trygve Håkedal 
(Executive Vice President, Digital) and Tove Selnes (Executive Vice President, People, Brand and Communications).
Front left to right: Lars Aa. Løddesøl (Executive Vice President, Finance, Strategy, Legal & Sustainability), Odd Arild Grefstad (Group CEO), Vivi Måhede 
Gevelt (Executive Vice President, Corporate Market) and Camilla Leikvoll (Executive Vice President, Retail Market).

48    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Group Executive Management CVs
Odd Arild Grefstad (1965)
CEO, Storebrand ASA
Education
Authorised Financial Analyst (AFA), Norwegian School of 
Economics (NHH)
Certified Public Accountant, Norwegian School of 
Economics (NHH)
Bachelor, Business Administration, Trondheim School of 
Economics (TØH)
Previous positions
2011–2012: Managing Director, Storebrand Livsforsikring 
2004–2011: CFO, Storebrand ASA 
2001–2004: Executive Vice President, Finance, 
Storebrand ASA 
1998–2001: Head of the Group Control Unit, Storebrand 
ASA 
1997–1998: Group Controller, Life Insurance, Storebrand 
ASA 
1994–1997: Vice President, Internal Audit, Storebrand 
ASA 
1989–1994: External Auditor, Arthur Andersen & Co, 
External Audit 
Ownership in Storebrand
Number of shares as of 31.12.2024: 284,021
Number of shares owned by the close associate: 2,000
Lars Aa. Løddesøl (1964) 
Executive Vice President Finance, Strategy, Sustainability and 
Legal, Storebrand ASA
Education
MSc Economics and Business Administration, BI Norwegian 
Business School
MBA Thunderbird School of Global Management (AGSIM), USA
AMP, Columbia University, USA
Previous positions
2008–2011: Executive Vice President, Life and Pensions 
Norway and CEO, Storebrand Livsforsikring AS
2004–2008: Executive Vice President, Corporate Markets Life 
Insurance, Storebrand Livsforsikring AS 
2001–2004: CFO of Storebrand ASA 
1994–2001: Vice President / Relationship Manager, Citibank 
International plc 
1990–1994: Asst. Treasurer, Scandinavian Airlines Systems 
Ownership in Storebrand
Number of shares as of 31.12.2024: 188,162

49    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Camilla Leikvoll (1982)
Executive Vice President, Retail Markets
Education
Master of Business Administration (MBA), University of 
Oxford, England
MSc Political Science, London School of Economics and 
Political Science, England
Bachelor of Science in Journalism, Northwestern 
University, USA
Previous positions
2017 – 2019: Chief Financial Officer, Storebrand ASA 
2013–2017: Head of Group Strategy, Storebrand ASA 
2011–2013: Senior Analyst Corporate Finance, 
Storebrand ASA 
2009–2011: Advisor to the CEO, Storebrand ASA 
2007–2009: Management Trainee, Storebrand ASA
Ownership in Storebrand
Number of shares as of 31.12.2024: 20,544
Vivi Måhede Gevelt (1983)
Executive Vice President, Corporate Markets
Education
Master in Technology Management (NTNU)
Interest Rate Analyst (NFF)
Master of Science in Business Administration and 
Economics (NHH)
Previous positions
2021–2022: Head of Customer Services and Claims, 
Storebrand Livsforsikring AS 
2019–2021: Head of Product and Customer Service 
Corporate Market, Storebrand Livsforsikring AS 
2015–2019: Senior Vice President Clamis, Storebrand 
Livsforsikring AS 
2014–2015: Senior Vice President Operations, 
Storebrand Forsikring AS 
2013–2014: Head of Service, Storebrand Forsikring AS 
2011–2013: Head of Finance and Business 
Development, Storebrand Forsikring AS
2009-2011: Business Controller, Storebrand 
Livsforsikring AS 
2007-2009: Management Trainee, Storebrand 
Livsforsikring AS 
Ownership in Storebrand
Number of shares as of 31.12.2024: 23,822

50    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Jenny Rundbladh (1977)
Executive Vice President, SPP 
Education
Master 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
2019–2022: Sales Director/CCO SPP Pension och 
försäkring AB 
2018–2019: Sales Manager SPP Pension och försäkring AB 
2016-2018: Managing Director, Aon SE & Head of Affinity 
2012-2016: Head of Sales and Customer Service, If Care 
2008–2012: Marketing Manager, Swedish Engineers 
2004–2008: Sales and Marketing Manager, Unionen 
2002–2004: Project Manager, SIF
1999: Management Consultant, Miljöteknik Orbit AB 
Ownership in Storebrand
Number of shares as of 31.12.2024: 16,908
Jan Erik Saugestad (1965)
Executive Vice President, Asset Management
Education
MSc in Engineering, Norwegian University of Science and 
Technology (NTNU)
MBA from INSEAD in France
Previous positions
2006–2015: Investment Director, Storebrand Asset 
Management 
1999–2006: Senior Portfolio Manager, Storebrand Asset 
Management 
1997–1999: Sector Head Equities Energy/Shipping, 
Handelsbanken Markets 
1995–1997: Partner, Marsoft Capital 
1992–1995: Head of Research, Christiania Markets (now: 
Nordea Markets) 
1990–1991: Junior Consultant, McKinsey & Company 
Ownership in Storebrand
Number of shares as of 31.12.2024: 155,015

51    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Tove Selnes (1969)
Executive Vice President, People, Brand and 
Communications
Education
Cand. Jur. Law, University of Oslo 
EU Law and International Environmental Law University of 
Bologna
Master of Management (2 out of 3 credit years) BI Oslo 
Previous positions
2015–2019: HR Director, Storebrand Livsforsikring 
2007–2015: Group Director HR, Opera Software 
2004–2007: HR Director, Eltel Networks 
1997–2004: HR Manager, Region East Norway, Avinor 
1995–1997: Legal Adviser, Aetat 
Ownership in Storebrand
Number of shares as of 31.12.2024: 49,442
Trygve Håkedal (1979)
Executive Vice President, Digital
Education
Advanced Management Program, Harvard Business 
School
Master of Science, Advanced Computing, Imperial College 
London
Bachelor of Science, Computing Science, Newcastle 
University
Previous positions
2019-2021: Executive Vice President, Technology, 
Storebrand ASA
2016–2019: Senior Vice President, IT Strategy & 
Architecture, Storebrand ASA
2013–2016: Head of Enterprise Architecture, Storebrand 
ASA
2009–2013: Technology Architect, Storebrand ASA
2008–2009: Software Engineer, Prime Brokerage, 
Goldman Sachs 
2006–2008: Technology Consultant, Financial Services, 
Accenture UK 
2003–2004: Project Test Manager, Opera Software 
Ownership in Storebrand
Number of shares as of 31.12.2024: 49,623

52    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Shareholder relations
Share capital, rights issue and number of shares
Storebrand is listed on the Oslo Stock Exchange under the 
ticker code STB. At the end of 2024, Storebrand ASA had 
a share capital of NOK 2,240 million. The company had 
447,972,681 outstanding shares with a nominal value of 
NOK 5, after a capital reduction was carried out in 2024 by 
cancelling 17,525,185 own shares in line with the annual 
general meeting's decision. As of 31 December 2024, the 
company owned 13,988,270 own shares, corresponding 
to 3.1 per cent of the outstanding shareholding, of which 
13,963,803 shares were purchased in Storebrand's share 
buy-back program in 2024. The company has not issued 
options that could lead to dilution of existing shareholders.
Shareholders 
Storebrand ASA is among the companies listed on 
the Oslo Stock Exchange with the largest number of 
shareholders. The company has shareholders from almost 
all Norwegian municipalities and from more than 20 
countries. Measured in market capitalisation, Storebrand 
was the 13th largest company on the Oslo Stock Exchange 
at the end of 2024. 
Share purchase scheme for employees 
Every year since 1996, Storebrand ASA has offered 
employees the opportunity to buy shares in the company 
through a separate scheme. The purpose has been to give 
employees the opportunity to take part in the financial 
value development of the company. In 2024, about half of 
the Group's employees subscribed for a total of 482,430 
shares as part of the scheme. 
Storebrand's Group Executive Management shall ensure 
that the Storebrand develops to benefit 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 incentives for Group 
management to act in line with the long-term interests 
of customers and owners. The table below shows the 
proportion of gross salary that in 2024 went to share 
purchases, and actual share exposure at the end of 2024. 
More information is available in the Storebrand ASA 
Report on Salaries and Other Remuneration to Executive 
Personnel available on our website. 
2023
2024
Share-based 
remuneration as a 
share of gross salary
Actual share exposure 
in percentage of 
gross salary
Actual share exposure 
in percentage of 
gross salary
Odd Arild Grefstad
35 %
289 %
344 %
Lars Aa. Løddesøl
35 %
241 %
320 %
Vivi Måhede Gevelt
25 %
38 %
57 %
Jenny Rundbladh
25 %
33 %
40 %
Jan Erik Saugestad
25 %
178 %
232 %
Trygve Håkedal
25 %
88 %
115 %
Tove Selnes
25 %
110 %
127 %
Camilla Leikvoll
25 %
24 %
52 %
Development in shareholdings, Group Executive Management

53    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Foreign ownership 
At year-end 2024, the proportion of shares owned by 
foreign investors amounted to 52 per cent, compared with 
49 per cent at the end of 2023.
Geographical distribution of shareholders
 
Norway
48 %
US
23 %
Germany
5 %
England
4 %
Sweden
4 %
Other
16 %
Trading of the Storebrand share 
In 2024, 174 million Storebrand shares were traded, a 
decrease from 241 million in 2023. Turnover was NOK 
18,776 million in 2024, a decrease from NOK 20,586 
million in 2023. Relative to the average number of shares, 
the turnover rate was 39 per cent.
Price development 
Storebrand had a total return of 39.2 per cent in 2024. In 
the corresponding period, the OSEBX index at the Oslo 
Stock Exchange ended at 9 per cent, while the STOXX 
Europe 600 Insurance Index had a total return of 18 
per cent in the corresponding period, measured in local 
currency. 
Dividends and changes in share capital 
Storebrand aims to pay an ordinary dividend per share, 
which shall be at least at the same nominal level as the 
previous year, as referred to under the chapter "Group 
results 2024". 
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 2024.
Storebrand ASA aims to utilise a variety of tools to 
achieve the optimal capital structure, ensuring good 
shareholder returns and financial flexibility. At the Annual 
General Meeting in 2024, the Board of Directors was 
granted authorisation to increase the share capital by 
issuing new shares with a total maximum value of NOK 
223,986,340. 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 worth up to NOK 
223,986,340 in nominal value. 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 
of Storebrand. Accordingly, it is appropriate to authorise 
the Board of Directors to buy shares in the market to 
cover the aforementioned needs or any other needs. 
This authorisation is valid until the next Annual General 
Meeting. 
Storebrand share
2024
2023
2022
2021
2020
2019
Highest closing price (NOK) 
127.70
96.26
99.30
92.08
74.24
73.98
Lowest closing price (NOK) 
91.00
73.36
67.00
62.30
34.73
50.86
Closing price on 31/12 (NOK)
121.20
90.04
85.40
88.52
64.20
69.02
Market cap 31/12 (NOK million) 
54,294
41,913
40,307
41,779
30,034
32,289
Annual turnover (1000s of shares) 
174,251
241,023
313,005
288,998
585,004
335,202
Average daily turnover (1000s of shares)
683
945
1,237
1,147
2,321
1,346
Annual turnover (NOK million.)
18,776
20,586
25,819
22,931
30,552
21,348
Rate of turnover (%) 
38.90
51.78
66.32
61.60
125.10
71.70
Number of ordinary shares 31/12 (1000s of 
shares)
447,973
465,498
471,975
471,975
467,814
467,814
Earnings per ordinary share (NOK) 
10.80
7.02
5.07
6.68
5.02
4.43
Dividend per ordinary share (NOK) 
4.70
4.10
3.70
3.50
3.25
0.00
Total return (%)
39.16
9.77
0.43
42.90
-7.00
16.80

54    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Date period: 01-01-2014 to 31-12-2024.
Source: https://www.storebrand.no/en/investor-relations/share/share-graph
Share price performance last 10 years
There are no provisions in Storebrand ASA’s Articles 
of Association that regulate the buyback or issuance of 
shares.
Deviation from the NUES recommendation: The Board 
of Directors’ 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.
Insider trading 
As one of Norway’s leading financial institutions, 
Storebrand depends on maintaining a professional 
relationship with the financial market and regulatory 
authorities. The company emphasises that procedures 
and guidelines satisfy the formal requirements set by the 
authorities for securities trading. On this occasion, the 
company has prepared guidelines on insider trading and 
self-dealing based on relevant laws and regulations. The 
company has control system that ensure compliance with 
the procedures.
Investor relations
Storebrand prioritises extensive and effective 
communications with the financial market. Ongoing 
dialogue with owners, investors and analysts is a high 
priority. The Group has an investor relations department, 
responsible for establishing and coordinating 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. 
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.
Equal treatment of shareholders and transactions 
with related parties 
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 Group Executive Management 
and Board of Directors of Storebrand focus strongly on the 
equal treatment of shareholders. 
The shares in Storebrand ASA 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. 
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 Directors 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 of Directors 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.

55    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
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 
granted authorisation, the Board of Directors may decide 
that the shareholders’ preferential rights shall be waived.
 
Information and communication 
The Board of Directors 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. Documentation that 
is published is available on the Storebrand website. All 
reporting is based on the principle of transparency and 
considers the need for equal treatment of all participants 
in the securities markets and the rules concerning good 
stock exchange practices. Storebrand has guidelines for 
handling insider information. 
Takeovers 
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’ value 
wherever possible. The guidelines cover the situation 
before and after a bid is made. 
The 20 largest shareholders
Based on a screening of the shareholder list as of 31.12.2024
Owner 
Ranking
Number of 
equities
Ownership in %
Change since 
31.12.23
Folketrygdfondet
1
47,716,252
10.65 %
0
T. Rowe Price
2
27,677,011
6.18 %
-1,563,263
Vanguard
3
16,362,552
3.65 %
-6,350,281
DNB Asset Management AS
4
16,195,321
3.62 %
4,504,553
Storebrand ASA
5
13,988,270
3.12 %
-4,189,336
BlackRock
6
11,852,336
2.65 %
1,405,962
Alfred Berg Kapitalforvaltning
7
11,268,514
2.52 %
-384,129
KLP Kapitalforvaltning AS
8
10,750,039
2.40 %
-4,305,560
Storebrand Asset Management
9
10,457,998
2.33 %
-719,010
Nordea Funds
10
9,037,518
2.02 %
-1,539,404
OM Holding AS
11
6,892,577
1.54 %
260,000
Columbia Threadneedle
12
6,847,281
1.53 %
5,387,762
Solbakken AS
13
6,750,000
1.51 %
-100,000
Danske Invest
14
6,457,754
1.44 %
-1,817,572
Wellington Management
15
6,345,453
1.42 %
6,345,453
Pareto Asset Management
16
6,194,631
1.38 %
858,328
M&G Investment Management
17
6,087,650
1.36 %
6,087,650
Handelsbanken Fonder
18
5,421,943
1.21 %
-2,348,855
State Street Global Advisors
19
5,404,990
1.20 %
206,946
Shareholder Value Management AG
20
4,749,063
1.06 %
-1,192,965

56    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Companies in the 
Storebrand Group
 
Organisation number
Stake
Storebrand ASA 
916 300 484 
Storebrand Livsforsikring AS  
958 995 369 
 100.0 % 
Storebrand Holding AB 
556734-9815 
100.0 % 
SPP Konsult AB 
556045-7581 
100.0 % 
FörsäkringsGirot Sverige AB 
556482-4471 
16.7 % 
SPP Pension & Försäkring AB 
556401-8599 
100.0 % 
SPP Fastigheter AB 
556745-7428 
100.0 % 
SPP Hyresförvaltning AB  
556883-1340 
100.0 % 
Storebrand & SPP Business Services AB 
556594-9517 
100.0 % 
SPP Fastigheter Komplementär AB 
559051-7735 
100.0 % 
SPP Spar AB
556892-4830 
100.0 % 
TGG Fastigheter AB
559492-2717 
100.0% 
Storebrand Eiendomsfond Invest AS 
995 871 424 
100.0 % 
Storebrand Eiendom Trygg AS 
876 734 702 
100.0 % 
Storebrand Eiendom Vekst AS 
916 268 416 
100.0 % 
Storebrand Eiendom Utvikling AS 
990 653 402 
100.0 % 
Storebrand Pensjonstjenester AS 
931 936 492 
100.0 % 
Storebrand Infrastruktur AS 
991 853 545 
100.0 % 
Norsk Pensjon AS 
890 050 212 
27.0 % 
Pensjonskontoregisteret AS 
925 851 523 
31.1 % 
Storebrand Bank ASA 
953 299 216 
100.0 % 
Storebrand Boligkreditt AS 
990 645 515 
100.0 % 
Storebrand Asset Management AS 
930 208 868 
100.0 % 
Storebrand Fonder AB 
556397-8922 
100.0 % 
Storebrand Fastigheter AB 
556801-1802 
100.0 % 
Storebrand Asset Management UK Ltd. 
14734422 
100.0 % 
SKAGEN AS 
931 066 323 
100.0 % 
Cubera Private Equity AS 
989 580 353 
100.0 % 
Cubera Private Equity AB 
556812-8184 
100.0 % 
Capital Investment A/S 
32343775 
100.0 % 
Storebrand AIF AS 
833 224 972   
100.0 %   
Lysaker Park Eiendom AS 
918 905 839 
100.0 %   
Quantfolio AS 
915 210 600 
37.0 % 
Storebrand AIP Holding ApS 
45220834 
100.0 % 
AIP Management P/S 
39504308 
60.0 % 
Welcome Workdays AS 
931 614 916 
45.0 % 
Storebrand Forsikring AS 
930 553 506 
100.0 % 
Din Salgskonsulent AS 
918 859 985 
25.0 % 
Storebrand Facilities AS 
924 353 554 
100.0 % 

57    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Sustainability 
statement

58    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
General information [ESRS 2].  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   59
Environmental information .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   69
	
EU Taxonomy.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   70
	
Climate change [ESRS E1]  .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 121
Social information .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   146
	
Own workforce [ESRS S1].  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   147
	
Consumers and end-users [ESRS S4].  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   161
Governance information .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 169
	
Business conduct [ESRS G1] .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 170
Attachments .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 179
	
List of ESRS data points that derive from other EU legislation [IRO-2] .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  . 180
	
Statement on due diligence [GOV-4] .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 187
01
02
03
Environmental 
information
Social 
information
Governance 
information
Contents

59    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
General information [ESRS 2]
We outline the company's governance processes, controls 
and procedures for sustainability in the chapter "Corporate 
governance": 
•	 	Information related to GOV-1 and GOV-2 can be found in 
the sections "Governance and control for sustainability", 
" Responsibilities of the Board of Directors", " Board 
composition, independence, diversity and expertise " as 
well as "Board of Directors CVs" and "Group Executive 
Management CVs".
•	 	Information related to GOV-3 can be found in the section 
"Remuneration of the Board of Directors and Senior 
Executives”.
About our sustainability reporting [BP-1]
General basis for preparation 
The sustainability report has been prepared in accordance 
with the European Sustainability Reporting Standards 
(ESRS) issued by the European Financial Reporting 
Advisory Group (EFRAG). All data points included in the 
Environment, Social, and Governance sections have been 
considered material in line with our double materiality 
analysis (DMA). The report covers material impacts, risks 
and opportunities related to our direct operations and 
through activities in the upstream and downstream value 
chain. Read more about how we define our value chain 
in the chapter "Strategy, business model and value chain 
[SBM-1]".
The principles of reporting have been applied consistently 
in the reporting year and for comparative figures.
Consolidation 
The data is consolidated following the same principles as 
the financial accounts. The consolidated quantitative ESG 
data includes Storebrand ASA and subsidiaries controlled 
by Storebrand ASA. Affiliates and joint ventures are not 
included in the consolidated ESG data points.
Subsidiaries and sub-groups are exempt from the 
individual reporting obligation, provided that they are 
included in the parent company's consolidated reporting. 
This applies to all subsidiaries in the Storebrand Group, 
with the exception of Storebrand Livsforsikring AS. The 
company has issued securities on a regulated market 
and meets the other thresholds, and is therefore exempt 
from consolidated sustainability reporting pursuant to 
Article 19a(9) or Article 29a(8) of Directive 2012/34/
EU. Storebrand Livsforsikring’s sustainability report will be 
published on Storebrand's website. 
Specific circumstances [BP-2]
Value chain estimation
To carry out sustainability reporting of own operations 
and value chain, judgments, estimates, and assumptions 
are needed. These are assessed continuously based 
on historical experience, development of sustainability 
regulations, new methods and better access to data. The 
estimates and assumptions constitute management's 
best judgement at the time of reporting. Changes to 
estimates are implemented during the period the estimate 
is audited. We also make discretionary assessments when 
applying the accounting principles. 
More information on key estimates, assessments and 
assumptions can be found in the quantitative ESG data 
tables.
Sources of estimation and outcome uncertainty
There are several uncertainties for the quantitative metrics 
in our sustainability reporting. Uncertainties include, but 
are not limited to:
•	 Regulatory changes: Changes in national and 
international laws and regulations may affect reporting 
requirements and the metrics we measure, such as new 
requirements for climate-related reporting under the 
EU Taxonomy Regulation and the Disclosure Regulation 
(SFDR).
•	 Data quality and availability: The accuracy and 
completeness of the data we collect from different 
sources may vary. We are continuously working to 
improve data collection processes to ensure the highest 
possible quality.
•	 Methodological uncertainties: The choice of methods 
and assumptions used in the calculations may affect 
the results. This includes for example the selection of 
scenarios for climate risk analyses and assumptions 
about future market conditions.
For a description of the most significant uncertainties, see 
the section "Calculation methods and data sources" under 
"Climate change", as well as the section "EU Taxonomy".
Changes in preparation or presentation of 
sustainability information
The most important changes include an adjustment of 
the base year and emissions targets for own operations. 
We have included the emissions from offices that cover all 
locations where Storebrand has operational control, and 
adjusted emissions from business travel that previously 
did not include all business-related travel in the Group, 

60    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
due to data gaps. This means that previous values have 
been replaced with new, more accurate values. 
Another important change arises from Norwegian non-life 
insurance products being priced more holistically than is 
typical in Europe. This approach has previously created 
challenges in reporting the green share of insurance 
premiums according to the provisions of the EU Taxonomy. 
Following agreement in Finance Norway, the method 
has been changed. The share of green premiums is now 
calculated more conservatively, by isolating premiums that 
can be directly linked to climate-related damage.
Risk management and internal controls over 
sustainability reporting [GOV-5]
Storebrand structures risk management and internal 
controls for sustainability reporting using the COSO-ICSR 
framework. This provides a control environment promoting 
integrity, ethical values and accountability. It is based on 
existing IT infrastructure and control procedures, with 
special adaptation for sustainability.
The sustainability department and the accounting 
department have defined roles in the work. The 
departments are responsible for implementing and 
improving control systems, working together to coordinate 
training, internal communication and ensure a clear 
division of responsibilities. 
The board's audit committee monitors the company's 
sustainability reporting, and the topic is included in the 
agenda of each committee meeting.  Storebrand has 
established a structure for control activities that will 
contribute to good data quality and reliable reporting. This 
includes:
•	 	Identify errors and risk mitigation measures: Each 
department maps out typical errors that may occur 
during the reporting process. Based on this, preventive 
measures (to avoid errors) and corrective measures (to 
deal with errors that are detected) are developed.
•	 IT system for data entry and control: An internally 
developed IT system is central to the reporting process. 
The system requires:
	– Documentation of all data entered.
	– Quality control to validate data quality before approval.
	– Logging all changes, ensuring responsibility and 
traceability. 
•	 Approval process: Data is first approved by the 
responsible data owner. Then, the sustainability 
department and/or the accounting department 
conducts an independent final review to confirm data 
accuracy and compliance with reporting requirements.
These activities provide a control network that reduces 
the risk of errors. Channels are established for reporting 
deviations and providing feedback. 
The Group's operational departments, as well as the 
sustainability, finance and IT departments, identify and 
assess risks related to sustainability reporting. These 
assessments are based on experience in financial and 
non-financial reporting. The prioritisation of these risks is 
based on their potential impact on reporting quality and 
the risk of irregularities. High-priority risks are those that 
can have a significant negative impact on the accuracy and 
reliability of sustainability data.
The main risks are related to data quality from suppliers, 
as well as the risk of irregularities. To mitigate this, we set 
requirements for suppliers, use automated processes that 
reduce the risk of human error, log responsibilities that 
ensure traceability, and control submitted data.
We integrate risk assessments and internal controls into 
our sustainability reporting by adjusting control systems, 
assigning responsibilities and using digital tools that 
support robust and more efficient data collection. 
The results of risk assessments and internal control 
procedures will be evaluated periodically and reported 
internally to the governing bodies. 
Strategy, business model and value chain 
[SBM-1]
A description of our strategy and business model can be 
found in the chapters “Strategy 2023-2025: Leading the 
way in sustainable value creation" and "Strategic highlights 
2024".
Storebrand is committed to manage assets in a manner 
that creates value for customers, investors and society. 
We raise assets and invest them in solutions meeting 
the needs of those with capital shortages. Our insurance 
business ensures financial security in the event of claims 
and unforeseen events, based on solid asset management. 
See Note 4 under Storebrand Group for more information 
on our profit areas and earnings by segment.
Capital is at the core of our business, which is why we have 
chosen to define our value chain based on how capital 
flows through our services. 
Upstream in the value chain
The most critical input factor in our upstream value chain 
is assets from private individuals, companies and public 
enterprises that choose to save or invest with us. 
Storebrand also requires goods and services that enables 
the delivery of financial services, such as IT systems, office 
equipment and energy for offices. These non-financial 
inputs are essential for running our business efficiently. 
Own operations
As a knowledge-based company, we depend on our 
employees' expertise and on well-established guidelines, 
processes and policies. These form the core of how we 
operate and define Storebrand's identity. Our business is 
mainly office-based, with low resource consumption in the 
workplace, but with significant impact through the capital 
flows we manage.
Downstream in the value chain
Storebrand's downstream value chain includes our 
products and services, the customers using them, and the 
activities resulting from them. This includes provision of 
capital through lending and investment, financial security 
through insurance, and services related to these products.

61    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
To ensure a clear framework, Storebrand has defined 
the downstream value chain to include direct business 
relationships. Additionally, we place particular emphasis 
on climate impact and human rights, even in indirect 
relationships, in accordance with the requirements of 
ESRS 1 on the value chain and feedback from relevant 
stakeholders.
Stakeholders [SBM-2]
Storebrand's corporate strategy is built around our 
purpose and vision of delivering financial wellness and 
security to our customers. To achieve our vision, we rely on 
trust and the understanding of views and interests of our 
key stakeholders. We define our stakeholders as actors or 
individuals who may influence or may be affected by our 
business. 
Our key stakeholders are:
Affected stakeholders
Customers
Employees
Suppliers
Nature (as a silent stakeholder)
Users of sustainability 
information
Shareholders
Authorities
Voluntary organisations
We actively engage with our stakeholder groups. 
Engagement takes place through regular meetings (e.g., 
with shareholders, authorities), through surveys (e.g., 
customer and employee surveys) and through digital 
channels, with the purpose of understanding the needs 
and expectations. The insights are used in strategic 
planning and decision-making.
Regular and systematic dialogue with our key stakeholders 
enables us to gain a deeper understanding of their views 
and perspectives. This helps inform our strategy and 
business model, read more about this in the chapter 
"Strategic highlights".
Due diligence assessments, as well as double materiality 
assessment enables us to identify areas of interest and 
impacts on affected stakeholders, which are disclosed 
in the section "Material impacts, risks and opportunities 
[IRO-1]". Our annual disclosure under the Norwegian 
Transparency Act is available on our website 23).
Storebrand's governing bodies are regularly informed of 
stakeholders' views through board meetings, strategy 
processes and continuous dialogue. Input from investors, 
analysts and the market are assessed, among other 
things, ahead of Capital Markets Day and after quarterly 
presentations. Double materiality analysis provides 
additional insights from stakeholders. The Board is 
informed of such information, allowing it to be integrated 
into decision-making processes.
Process for identifying and assessing material 
impacts, risks, and opportunities [IRO-1]
Storebrand must consider both its impact on the 
environment and society, and how environmental and 
social conditions may impact Storebrand's financial 
situation and long-term value creation. This is called a 
double materiality assessment. 
Storebrand is required to report material information 
under the CSRD, in line with the findings of our double 
materiality assessment. The assessment is reviewed 
annually and updated if we identify new topics or 
conditions that affect material impacts, risks and 
opportunities.
In 2023, we conducted a double materiality assessment, 
which we updated in 2024 to meet the requirements of 
the CSRD. 
Double materiality assessment (DMA) process
Our process was based on the four phases described in 
EFRAG's guidance: 
Setting context
We have mapped our activities, business relationships and 
stakeholders. This includes:
•	 Value chain: We defined our value chain, see section 
above for definition. 
•	 	Focus the analysis: An initial screening was conducted 
to identify the most critical topics and focus the 
analysis accordingly. In addition to a thematic review 
that emphasised climate and human rights, it was also 
recognised that the downstream value chain could have 
significant impacts due to large volumes of capital that 
facilitate various activities in the real economy.
•	 Stakeholders: We identified internal and external 
stakeholders to secure a wide range of perspectives 
about the value chain. The external sample was 
composed based on the stakeholders' expertise, interest 
in sustainability information and whether they were 
suitable as a representative of a larger group of affected 
stakeholders. The internal sample utilised relevant 
professional environments in Storebrand and had a 
more financial focus.
•	 Selected stakeholders: Internal stakeholders consisted 
of representatives from operations, banking, non-
life insurance, life insurance and asset management, 
in addition to relevant group functions. The external 
sample consisted mainly of customers, suppliers, 
shareholders and NGOs. We consider that perspectives 
from all stakeholder groups have been included. 
•	 Use of existing processes: Whenever possible, we 
opted to utilise existing processes, such as the Group's 
risk management procedures and due diligence 
assessments with associated controls, to ensure 
efficient data collection and analysis.
•	 Time horizons: Impacts, risks and opportunities were 
assessed according to the time horizons defined in 
the ESRS. "Short term" covers the current reporting 
period, "medium term" is up to 5 years and "long term" 
is more than 5 years. For climate risk, the time horizons 
23)  Storebrand Group’s report pursuant to the Norwegian Transparency Act 2024

62    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
are defined differently: "Short term" is 1-3 years, 
corresponding to the horizon for financial planning; 
the "medium term" extends to 2030, corresponding to 
the horizon of our transition plan; and the "long term" 
extends to 2050, corresponding to the target horizon for 
reaching net zero emissions.
•	 Internal alignment: An internal working group with a 
mandate to consult relevant functions ensured that the 
results were anchored and supported by various 
assessments.
Identifying impacts, risks, and opportunities 
ESRS is used as a framework to identify IROs in the 
value chain, along with results from previous materiality 
assessments. We have also engaged with stakeholders, 
in which they were encouraged to promote topics that fall 
outside the framework.
The analysis was divided into the Group areas banking, 
investments and insurance. 
Stakeholder engagement
Stakeholders participated in workshops where questions 
and discussion points were tailored to their perspectives 
and expertise. The purpose was to gather input on the 
most important factors, including any company-specific 
topics. Stakeholders were involved in identification, 
weighting and validation of the analysis. 
Identification of ESRS topics
Identification of impacts was made through a systematic 
review of ESRS topics in combination with internal 
analyses, external reports and input from stakeholder 
meetings. The assessments covered both our own 
operations and the entire value chain through our 
customer and business relationships.  
Risks and opportunities were assessed through mapping 
of financial effects arising from impacts, dependencies and 
other factors. The impacts that had already been identified 
were assessed for financial significance. Financial effects 
were systematically identified based on various sources of 
origin.
Company-specific topics
Through ESG ratings in which Storebrand participates, as 
well as input from stakeholders, we also gained insight 
into sector and company-specific topics that go beyond 
standard topics in the reporting standards. 
By combining frameworks, stakeholder input and company 
analyses, we believe that we have a comprehensive 
understanding of both our general and specific 
sustainability topics.
Climate change
As part of the process to identify and assess climate-
related risks and opportunities, our existing climate risk 
analyses were used as a basis. These are based on, among 
other things, climate scenarios developed by the Network 
for Greening the Financial System (NGFS). This entails 
three different scenarios – "Net Zero 2050", "Delayed 
Transition", and "Current Policies" – with differing effects 
on transitional and physical climate risk over the different 
time horizons. Identified risks and opportunities were 
linked to either physical or transition risk. Both physical 
and transition risk were assessed material, regardless of 
which scenario is emphasised. The climate scenarios are 
compatible with the critical climate-related assumptions 
made in the financial reports (see Note 11 for the 
Storebrand Group). See also the section "Impacts, risks 
and opportunities" in the chapter "Climate change" for 
more details on the results of the climate risk analyses.   
         
Pollution, water and marine resources, and biodiversity 
and ecosystems
We have conducted a screening of our locations and 
business activities to identify actual and potential impacts, 
risks and opportunities related to the thematic ESRS 
standards on pollution, water and marine resources, and 
biodiversity and ecosystems. These relate to Storebrand's 
downstream value chain, on which our assessment is 
focused. For biodiversity and ecosystems, the same 
criteria were used in the assessment as explained in 
the section below (see 'Assessing impacts, risks and 
opportunities'). The identification process involves 
understanding the potential impacts of nature loss on 
different sectors and assets in our portfolio, as well as 
identifying the specific vulnerabilities and opportunities 
that nature loss represents. We conduct exposure 
analyses to understand how these risks will affect our 
Prerequisites for the analysis
To ensure a common understanding between the members 
of the working group and other contributors, some key 
principles were established:
Difference between impact and leverage
Storebrand distinguishes between the fundamental impact 
our business activities have on people and nature through 
our business model (impact) and the effects of the more 
targeted actions Storebrand has taken to improve its 
impact, usually through others (leverage).
•	 Example of impact: Greenhouse gas emissions from 
financed activities or material consumption in the 
customer's business.
•	 Example of leverage: Engaging with a company in the 
investment portfolio on their transition plan or setting 
requirements for environmentally friendly use of 
materials in claims settlements.
The measures Storebrand has implemented to address 
its impact should not result in its own IROs but should be 
included in the weighting of impacts that are naturally part 
of our business.
Inherent impacts, risks, and opportunities (IROs)
We have chosen to apply the same principles for 
non-climate-related IROs as those mandated by the 
ESRS for climate-related factors. This means that we have 
considered inherent IROs, excluding future measures from 
the analysis.

63    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
most significant exposures. We use a variety of data 
sources to identify and support our nature risk analyses, 
including ESG rating agencies, scientific research and 
reports, industry-specific data, company disclosures, and 
third-party research and analysis services. Tools such 
as ENCORE (Exploring Natural Capital Opportunities, 
Risks, and Exposure) are used to conduct an overall 
screening of exposure to direct nature-related impacts and 
dependencies in portfolio companies.
Resource use and circular economy
Impacts, risks and opportunities related to resource 
use and circular economy relate primarily to our non-
life insurance business, where material use by suppliers 
is assessed as part of the analysis. Through our asset 
management, we are also broadly exposed to both linear 
and circular business models. In addition, there are 
material flows associated with our own procurement.
Business conduct
Business conduct is assessed in relation to topics that are 
relevant to our activities within our various business areas. 
As a broad Nordic financial group, we have identified 
and assessed impacts, risks and opportunities that are 
relevant to our financial activities and transactions, as 
well as to other activities related to our risk areas within 
business ethics.
These impacts, risks, and opportunities are identified 
using the various methods explained in this section, 
including stakeholder dialogue, internal data, and existing 
processes for risk management. Perspectives from 
affected stakeholders and communities are covered 
through various processes of stakeholder dialogues. We 
have gathered insights from relevant stakeholder groups, 
which were also prioritised in the stakeholder selection, 
to ensure that all necessary perspectives were included 
in our decision-making process. No further consultations 
have been conducted.
Assessing impacts, risks, and opportunities 
To assess impacts, risks and opportunities (IRO), we used 
scales from EFRAG’s European Sustainability Reporting 
Guidelines for double materiality (working paper), all of 
which run from 1 (lowest) to 5 (highest). 
Assessing impacts
We assessed current and future impacts, as well as 
whether they were direct or indirect, based on stakeholder 
interviews, internal analysis and external reports. 
Assessment of severity was made based on the following 
factors:
Scale – the strength/intensity of the impact 
•	 The degree of damage or improvement to a given person 
or entity in nature, regardless of its prevalence.
•	 Organisational distance between the impact and 
Storebrand (the extent to which Storebrand can be 
associated with what is happening).
Scope – how widespread the impact is
•	 The number of people affected, or the size of natural 
areas affected, regardless of how strong/intense the 
impact is.
•	 How many sectors are affected and whether the effect 
occurs sporadically across different activities.
Irremediable character – the ability of the damage to be 
restored
•	 Whether the damage to people or nature is possible to 
restore and to what effort, as well as how long it takes to 
recover.
•	 How long-term the effects of the damage are if it cannot 
be remedied.
Likelihood
The likelihood of potential impacts occurring was assessed 
based on insights from historical data, trends, expert 
opinions, and considerations of future developments. A 
weight of 5 was allocated to the actual impacts to ensure a 
balanced assessment.
Assessing risks and opportunities
Risks and opportunities were assessed by analysing the 
sources that could give rise to the financial effects. The 
effects were assessed on the basis of interviews with 
stakeholders, internal analyses and external reports. An 
important part of the assessment was how the risks or 
opportunities were distributed between Storebrand and 
our customers, as we often experience financial effects 
indirectly, through our customers. 
The assessments were based on the following factors:
Financial magnitude 
The magnitude of the financial effect, which may be any 
effect likely to change Storebrand's liquidity, solvency, 
market size, brand value, access to and cost of capital, 
ability to operate or other circumstances that affect our 
financial position.  
Likelihood
For future financial effects, the likelihood of these 
occurring must be estimated.
Thresholds  
To assess the overall materiality of identified impacts, 
risks and opportunities, we chose to use existing levels 
and thresholds from the operational risk assessment in 
the Group, with some adjustments to reflect the specific 
factors from the double materiality analysis. These levels 
are used in the ORSA processes to assess other risk areas 
and provide a good basis for comparison as all risks are 
compared against the same risk appetite. 
The threshold for Storebrand's material impacts, risks and 
opportunities is represented in dark red in this illustrative 
matrix:

64    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Consolidation of results
The analysis yielded results for each business area, 
which were aggregated to an overall level to reflect the 
Group. We used asset volumes related to our products 
and services and associated profits to identify the most 
important sustainability topics for the Group.
Reporting
The results of the double materiality assessment helped 
identify material topics, both at Group level and for each 
business area. The results were discussed and anchored 
internally in management and boards.
Some topics were considered non-material. A detailed 
overview of this assessment can be found in the section 
"Topics assessed to be non-material".
The double materiality analysis was last updated and 
reviewed on 21. October 2024 by the Audit Committee of 
Storebrand ASA.
Matrix for assessment of materiality
Very high impact on 
the outside world or 
on Storebrand
High impact on the 
outside world or on 
Storebrand
Medium impact on 
the outside world or 
on Storebrand
Low impact on the 
outside world or on 
Storebrand
Very low impact on 
the outside world or 
on Storebrand
Very unlikely 
Unlikely
Quite likely
Predominantly 
likely
Almost 
certainly

65    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Storebrand's material impacts, risks and opportunities
ESRS topic
IRO type
Description of material impacts, risks and opportunities
Value chain
Page 
number
Climate change
Negative 
impact
Negative impacts on climate change through emissions from procurement 
of goods and services.
Upstream
121-122, 
124-128, 
137-140,
142-144
Negative impacts through emissions from energy in our own buildings, as 
well as emissions from business travel and other emissions from our own 
operations.
Own 
operations
121-122, 
124-128, 
142-145
Negative impacts from financed and insured emissions in our investments, 
insurance portfolios and lending, which contribute to climate change.
Downstream
121-126, 
129-136, 
140-144
Risk
Transition risk (e.g. carbon tax, changing consumer preferences, regulatory 
risk or technological developments) for investments and banking that may 
go beyond valuation or the customer's ability to pay.
Downstream
121-126, 
129-136, 
140-144
Physical risk is particularly material for non-life insurance, but also 
important for banking and investments.
Downstream
121-126, 
129-141
Opportunity
Investment needs as a result of the green transition, as well as product 
customisation and better insurance pricing.
Downstream
121-126, 
129-141
Own workforce
Positive 
impact
We have a positive impact on the health and safety of our employees, 
which is reflected in a safe and inclusive working environment with high 
employee engagement and good development opportunities. Storebrand 
has a low level of absence due to sick leave and emphasises that being at 
work in itself contributes to both mental and physical health by providing 
meaning, financial security and a sense of belonging.
Own 
operations
147-149, 
159-160
Negative 
impact
We may impact negatively health and safety of our employees if they 
experience mental health problems or high levels of stress as a result 
of a lack of work-life balance, as well as ergonomic challenges. Some 
employees, particularly those in specialised roles or functions with high 
workloads, may experience limitations in time or resources to prioritise 
skills development. Salary levels are somewhat unevenly distributed 
between job categories. We also see a potential to increase diversity 
among our employees, particularly in management roles and specialised 
positions where some groups may still be underrepresented.
Own 
operations
147-149, 
150-152,
153-157, 
159-160
Risk
Work-life imbalance over time can reduce wellbeing and employee 
engagement, which can affect our attractiveness as an employer. 
Persistent stress and health problems can pose a risk if employees 
experience a lack of fulfilment or do not receive sufficient support from 
their manager. If we experience incidents of discrimination, bullying or 
even violence, such incidents can lead to reduced performance, increased 
turnover and also represent a reputational risk.
Own 
operations
147-149, 
150-152, 
153-158, 
159-160
Opportunity
By strengthening health and safety efforts, further developing a good 
framework for work-life balance, and ensuring clear expectations and 
support from managers, we may strengthen engagement and our 
attractiveness as an employer. By facilitating a more equal, diverse and 
inclusive working environment, we can create new opportunities for 
long-term value creation. By further developing and investing in targeted 
skills development, we can increase productivity, promote innovation and 
strengthen overall value creation.
Own 
operations
147-149, 
150-152, 
153-158, 
159-160
Overview of material and non-material topics 
[IRO-2]
The process for identifying material information on 
sustainability is described above, in the section "Process 
for identifying and assessing material impacts, risks and 
opportunities [IRO-1]". Below is the result of the analysis, 
both what is material and non-material.

66    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
ESRS topic
IRO type
Description of material impacts, risks and opportunities
Value chain
Page 
number
Consumers 
and end-users
Positive 
impact
Positive impact through accessibility of products and financial inclusion, 
timely processing of insurance claims during crises and good quality of 
information that enables customers to understand the products.
Downstream
161, 
162-163, 
164-166
Negative 
impact
Negative potential impact if the quality of information is poor or 
communication is misleading. Storebrand may have a negative impact 
if personal data is not adequately protected and is leaked during data 
attacks.
Downstream
161, 
164-166, 
167-168
Risk
Shifting preferences and behavioural patterns within sustainability 
that can lower the demand for our products and services if they are 
not designed according to the changed demand. Risks associated with 
leakage of personal data and misleading communications that could lead 
to greenwashing claims.
Downstream
161, 
162-163, 
164-166, 
167-168
Opportunity
Customisation of products to meet changing needs and consumer 
preferences. Increasing complexity of products provides opportunities in 
terms of providing good advice and communication.
Downstream
161, 
162-163, 
164-166
Business 
conduct
Positive 
impact
Positive impact through an open and trust-based corporate culture, and a 
potential positive impact through good influence on our suppliers where 
we both influence them towards sustainable practices and maintain 
strong supplier relationships.
Own 
operations
170, 
171-172, 
177
Negative 
impact
Potential negative impact through direct or indirect involvement in 
corruption, money laundering or terrorist financing. Such transactions 
have negative ripple effects on society and Storebrand has an important 
role in detecting this.
Own 
operations
170, 
173-176
Risk
Risk of Storebrand becoming involved directly or indirectly in illegal 
transactions through corruption, money laundering and terrorist financing. 
Storebrand could potentially have an ambiguous position in its work on 
political influence and may risk appearing contradictory or opportunistic.
Own 
operations
170, 
173-176, 
178
Opportunity
Political influence in matters of public interest.
Own 
operations
170, 178

67    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
ESRS Index [IRO-2]
The table below summarises the disclosure requirements we disclose as a result of the materiality assessment. 
Material ESRS standard
Disclosure Requirements (DR)
Page number
E1
ESRS 2 GOV-3
41
ESRS 2 SBM-2
61
ESRS 2 SMB-3
121-122
ESRS 2 IRO-1
61-64
E1-1
124-125
E1-2
125
E1-3
126-141
E1-4
126-141
E1-6
142-144
E1-7
145
E1-8
145
E1-9
122-124
S1
ESRS 2 SBM-2
61
ESRS 2 SBM-3
147-148
S1-1
150, 153, 159
S1-2
150, 153-154, 159
S1-3
150, 153-154, 159
S1-4
151-152, 154-156, 159-160
S1-5
150-151, 154-156, 159
S1-6
149
S1-7
149
S1-9
156-157
S1-13
152
S1-14
160
S1-15
160
S1-16
156-157
S1-17
158
S4
ESRS 2 SBM-2
61
ESRS 2 SBM-3
161
S4-1
162, 164, 167
S4-2
162, 164, 167
S4-4
163, 165, 168
S4-5
162-163, 164-166, 168
ESRS 1 par. 11
163, 165-166, 168
G1
ESRS 2 GOV-1
35, 37-39, 42-46, 48-51
ESRS 2 IRO-1
63
G1-1
171-172
G1-2
177
G1-3
173-176
G1-4
173-176
G1-5
178

68    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Topics assessed to be non-material
ESRS Standard
Explanation
E2 Pollution
Pollution of water, air and soil results from a number of activities, both in Storebrand's supply chain 
and investment portfolios. Particular emphasis was placed on damage to people through air pollution. 
Nevertheless, the effects are considered less material than, for example, climate-related effects, as 
pollution has more local rather than global impacts and does not pose the same risks (physical risk, 
etc.). Thus, this topic has limited impact on our overall business.
E3 Water and marine resources
Impacts, risks and opportunities related to water and marine resources have been assessed, but due 
to Storebrand's geographical location in the Nordic region, there is a low risk of water stress. Therefore, 
the materiality is considered low. Although we are indirectly exposed through investments in sectors 
such as aquaculture and water management, these activities make up a small proportion of the 
portfolio and the topic has limited financial significance for our overall results.
E4 Biodiversity and ecosystems
Biodiversity and ecosystems is an important topic for Storebrand – especially for our investments 
where we finance activities that impact natural areas – but the topic does not exceed the thresholds in 
the Group's analysis. The topic is not directly relevant to other parts of the business, such as non-life 
and life insurance, where such issues primarily arise through investment risk in the portfolios. 
E5 Resource use and circular 
economy
Resource use and circular economy is an important topic for Storebrand, both as a property manager 
and non-life insurance player, and are defined as material for non-life insurance, through the use of 
materials in claims settlements. Nevertheless, the topic does not exceed the thresholds in the Group’s 
materiality analysis when aggregated. Storebrand is primarily exposed to linear material flows. The 
overall impact on the Group is limited, as we do not finance new buildings in the bank, and the use 
of materials in our own operations is relatively small. The topic is considered less critical than climate 
change, as it has weaker regulatory pressure and a smaller and more localised impact on nature and 
people.
S2 Workers in the value chain
Working conditions in the value chain is an important topic that we prioritise through active ownership 
in our investments, which have complex, global supply chains. Storebrand has limited direct exposure, 
as the risk mainly applies to other companies in our portfolios. For our banking, which focuses on 
mortgages, and our insurance portfolio, which is mainly Nordic, the topic is less relevant and has 
limited financial and strategic impact.
S3 Affected communities
Storebrand impacts local communities indirectly through its investment and insurance business. This 
is particularly important for investments, where the activities can both harm and help surrounding 
communities, affecting Storebrand's credibility and reputation. It is also of importance for non-life 
insurance, through the rapid handling of insurance claims after disasters, as this helps communities 
to recover from a crisis faster. These activities have a positive effect, but our role is limited, and we are 
often one of many actors. The issues regarding local communities are therefore considered to be less 
material, as they are not considered to pose material risks or opportunities for Storebrand.

69    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Environmental 
information

70    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
EU Taxonomy 
The EU Taxonomy is a classification system designed to 
establish common criteria for environmentally sustainable 
economic activities, with the goal of harmonising the 
understanding of "green" activities.
Gradual regulatory development
In previous years, companies have reported on the 
proportion of their turnover, investments and operational 
costs covered by the taxonomy ("taxonomy eligible"). As 
of 2023, they also report the proportion of taxonomy-
compatible activities that meet the technical criteria 
related to the activities in question ("taxonomy aligned").
The regulation is evolving. In 2024, the taxonomy 
framework was expanded, and four new environmental 
objectives related to water and marine resources, 
pollution, biodiversity and circularity were introduced. 
Storebrand assessed the activities that could be covered 
by the new objectives, focusing the screening on real 
estate investments and other investments where the 
purpose of the financing is known. For other types of 
financing, Storebrand as a financial institution will be 
dependent on reporting from counterparties, who do not 
yet report on the four new objectives.
Storebrand expects new updates in the regulations in the 
coming years and is following the regulatory developments 
closely. We interact both with third-party suppliers and 
within the organisation to implement the framework. 
Our reporting could become increasingly important as a 
measure of our impact on climate change as data quality 
and coverage increases.
Different reporting perspectives in the Group
The Taxonomy Regulation requires reporting on structured 
templates, specific to different types of activities. 
Storebrand is a broad Group and is defined as a "Mixed 
Group" with cross-sectoral financial and non-financial 
activities and several different reporting templates are 
required.
Storebrand reports on the following activities, with 
separate reporting templates for each activity:
•	 	Lending (Storebrand Bank)
•	 Insurance (Storebrand Livsforsikring and Storebrand 
Forsikring)
	– Investments from life and non-life insurance 
	– 	Premiums from non-life insurance
•	 Asset Management (Storebrand Asset Management)
•	 Real Estate Operations (Storebrand Real Estate)
The table below shows our corporate activities consistent 
with the taxonomy at an aggregated level.
Storebrand Group
This section presents the Storebrand Group's disclosure of 
information pursuant to Article 8 of Regulation 2020/852 (the 
Taxonomy Regulation).

71    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Revenue 
(MNOK)
Propor­
tion of to­
tal group 
revenue 
(A)
KPI per Business segment
KPI 
turnover 
based (B)
KPI CapEx 
based (C)
KPI turnover 
based weight­
ed (A*B)
KPI 
CapEx 
based 
weighted
(A*C)
A. financial activities
13,756
100.0 %
Asset management
4,709
34.2 %
6.0 %
2.9 %
2.1 %
1.0 %
Banking
1,275
9.3 %
17.2 %
17.2 %
1.6 %
1.6 %
Investment firms
Insurance undertakings 
(non-life insurance)
3,693
26.9 %
7.55 %
N/A
2.0 %
N/A 24)
Insurance undertakings 
(invested life and non-life 
premiums)
4,078
29.6 %
4.98 %
3.89 %
1.5 %
1.2 %
Turnover KPI (B)
CapEx KPI (C)
Turnover 
KPI 
weighted 
(A*B)
CapEx 
KPI 
weighted 
(A*C)
B. Non-financial activities
2,078
Real estate subject to finanial 
activity
-2,078 25) 
Own investments in real estate
0
0.0 %
35.5 %
70.8 %
0.0 %
0.0 %
Total revenue of the group
13,756
100.0 %
Average KPI 
turnover based
Average 
KPI 
CapEx
Average KPI of the group
7.2 %
3.7 %
Table 1: Mixed group template
Consolidated reporting for the Group (Mixed 
Group)
Table 1 consolidates all relevant reporting templates to 
calculate a weighted indicator, offering an aggregated view 
of the Group, in accordance with the latest guidelines from 
the European Commission. 
There is an overlap between different reporting templates, 
hence some exposures are represented multiple times 
across different activities. For example, real estate 
operations consist of invested insurance premiums 
managed under Storebrand Asset Management, resulting 
in triple representations across different reporting 
templates. Consolidation in the above table is based 
on revenues, where such double and triple counting is 
eliminated by the following method:
•	 Asset management includes income from assets under 
management.
•	 Banking consists of mortgages of the Storebrand Bank 
balance sheet as well as mortgages of the Storebrand 
Livsforsikring balance sheet. Income related to the latter 
is not included in income, as net income accrues to 
pension customers. Mortgages on the Storebrand Bank 
balance sheet include interest income and operating 
income. 
•	 All income from invested premiums is included, except 
income in real estate operations and asset management.
•	 For real estate operations, income related to Lysaker 
Park is included in the asset management reporting. 
Other income from real estate operations is not included 
in income, as net income accrues to pension customers.
The various reporting templates are based on different 
figures. Investments are based on the value of invested or 
managed assets, lending is based on lending volume, and 
insurance is based on insurance premiums. The "mixed 
group" reporting template aims to consolidate all reporting 
perspectives by introducing a figure size comparable 
across activities and is based on revenue. Storebrand 
has calculated the individual KPIs for each activity and 
weighted revenue from the various activities against these. 
This weighted KPI should reflect the overall environmental 
performance of the Group, as well as capturing variations 
between the different activities.
24)  There is no CapEx associated with non-life insurance products.
25)  Revenue from non-financial activities is not included in the Group's definition of revenue as these consist of pension assets.

72    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
We have made certain changes to the "mixed group" 
reporting template presented in the Commission's FAQ. 
This includes splitting insurance activities to separate 
investments from non-life insurance. This was essential 
because the two activities have different individual KPIs 
that need to be weighted accordingly. Also, we have 
included two reporting lines in the non-financial activities 
reporting, to distinguish between Storebrand's own 
income and the income that accrues to customers through 
their pension funds managed by us.
The different Group activities may contribute to different 
objectives in the taxonomy. Several activities contribute 
to the objective of mitigating climate change, including 
mortgage portfolios, real estate investments and a large 
share of investment portfolios. Also, a share of non-life 
insurance may contribute to climate adaptation. Not 
many activities are currently contributing to the four other 
environmental objectives, but we expect to see increasing 
contributions to these goals from the investment portfolios 
in the years to come. The weighted KPI for Group does 
not indicate which climate or environmental objectives we 
contribute to. Consequently, our investors must use KPIs 
from underlying reporting perspectives to inform their 
reporting. 
We expect the quality of our taxonomy reporting to 
increase in the future. We are currently experiencing 
challenges with data availability, different reporting 
methods in the market and an incomplete regulatory 
framework. Issues arise regarding what is fully adequate 
reporting, and there are different understandings of 
which activities are compatible with the taxonomy. This 
is particularly challenging for financial activities, where 
our reporting often depends on counterparties and 
their various methods. Our ambition is for sustainability 
information, including the taxonomy, to be of the same 
quality as financial information. Storebrand will prioritise 
improving data availability, help harmonising the market 
and monitor closely regulatory developments.
Our work to meet the criteria and objectives of the 
taxonomy
Storebrand's taxonomy reporting is based on both own 
activities and those of our customers. The weighted 
indicator results from an internal assessment of own 
activities, as well as activities in Storebrand's investments, 
lending and insurance portfolios. Storebrand has 
developed various methods to align activities and 
products with the taxonomy. Both by internal measures 
and by engaging with counterparties. For further 
descriptions, please refer to the taxonomy reporting for 
the various business areas below.

73    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Insurance - Non-life insurance 
Table 2: The underwriting KPI for non-life insurance and reinsurance undertakings
Economic activities 
Substantial contribution to climate 
change adaptation
DNSH (Do no significant harm)
Minimum 
safeguards
Absolute 
premiums, 
year 2024
Proportions 
of premiums, 
year 2024
Proportions 
of premiums, 
year 2023
Climate 
change 
mitigation
Water and 
marine 
resources
Circular 
economy
Pollution
Biodiversity 
and 
ecosystems
MNOK
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
A.1   Non-life insurance 
and reinsurance 
underwriting Taxonomy-
aligned activities 
(environmentally 
sustainable)
307.2
8.0 %
4.0 %
Y
Y
Y
Y
Y
Y
A.1.1 Of which reinsured 
7.2
13.5 %
8.5 %
Y
Y
Y
Y
Y
Y
A.1.2 Of which stemming 
from reinsurance activity 
0
A.1.2.1 Of which reinsured 
(retrocession)
0
A.2   Non-life insurance 
and reinsurance 
underwriting 
Taxonomy-Eligible but 
not environmentally 
sustainable activities 
(not Taxonomy-aligned 
activities)
3,674.5
90.0 %
94.3 %
B. Non-life insurance and 
reinsurance underwriting 
Taxonomy non-eligible 
activities
85.7
2.0 %
1.8 %
Total (A.1+A.2+B)
4,067.4
100 %
100.0 %
Table 3: Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of 
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the 
fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations 
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as 
hydrogen production, as well as their safety upgrades, using best available technologies.
NO
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce 
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen 
production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities 
that produce electricity using fossil gaseous fuels.
NO
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined 
heat/cool and power generation facilities using fossil gaseous fuels.
NO
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 
generation facilities that produce heat/cool using fossil gaseous fuels.
NO

74    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Classification of insurance products aligned with 
the EU taxonomy
Storebrand offers non-life insurance to Norwegian 
customers. Non-life insurance is included as an activity 
that could support the taxonomy's goal of climate 
adaptation of the economy and is a so-called "enabling 
activity" that may contribute to better climate adaptation 
in other sectors and industries, in addition to general 
climate resilience.
The most significant KPI for insurance companies in 
the taxonomy reporting requirements is the Green 
Underwriting Ratio (GUR). The KPI is based on gross 
premiums earned during the reporting period and 
covers all non-life insurance products in Storebrand 
Forsikring. The GUR is calculated as a fraction, with the 
taxonomy-aligned share of insurance premiums included 
in the numerator. This is expressed as a percentage 
of all premiums, both covered and not covered by the 
taxonomy. Dog and cats’ insurance products are not 
covered by the taxonomy. To consider the premium 
taxonomy-aligned, the insurance product must be in 
accordance with taxonomy criteria, and associated with 
climate-related risks. 
The latter presents a distinct challenge. Norwegian 
insurance products are sold based on a more holistic 
risk assessment (typically comprehensive insurance), 
unlike Europe, where insurance can be purchased for 
more specific risks. This creates uncertainty related to the 
proportion of premiums that can be attributed to climate-
related risks for Norwegian insurance providers. 
To analyse the proportion of non-life insurance premiums 
covered by the taxonomy, Storebrand, in collaboration 
with the financial industry in Norway, has implemented 
a "split method" to separate premiums associated 
with climate-related risks. In the absence of pricing 
mechanisms to inform this split, we have segmented the 
insurance activities by product categories defined in the 
Solvency II regulations. This allows us to analyse climate-
related claims behind historical insurance claims, based 
on data from 2019 to 2024.
Storebrand has in 2024 used the split method for 
two products linked to climate-related risks: property 
insurance and motor vehicles insurance. For property, 
an analysis of damage categories was conducted to 
determine the cause of damage and which causes of 
damage could be related to climate. This was related 
to damage from water ingress, storms, heavy snow or 
landslides.
For motor vehicle insurance, we lacked detailed 
damage categories and developed a dedicated analysis 
methodology. Variations in frequency of different vehicle 
insurance claims in different seasons were analysed 
(based on data from 2019 to 2024). Seasonal variations 
in damage frequency was used as an indicator of weather 
and temperature-related causes of damage. The method 
intends to capture various climate risks described in the 
taxonomy regulation relevant to motor vehicles, and is 
perceived a conservative method, unlikely to exaggerate 
the taxonomy-aligned proportion. 
The premium portfolio defined by the natural hazard 
regulations is covered by the taxonomy and is included in 
the taxonomy-aligned share, as well as excluded from the 
historical analysis to avoid double counting. 
Premiums considered relevant according to the methods 
described were included in the GUR numerator together 
with the natural hazard premium. However, the method 
for defining aligned premiums from vehicles has some 
limitations: 
•	 Climate risk is present in all seasons; hence a seasonal 
analysis will not identify all climate-related causes.
•	 A proportion of the damage analysed would have 
occurred regardless of climate events, these causal 
factors may also have seasonal variations that affect our 
analysis.
•	 Historical data inform the analysis, assuming the 
underlying causes of damage will repeat in the future. 
We had a target to make 80 per cent of our taxonomy-
eligible products taxonomy-aligned. Following agreement 
in Finance Norway on the "split method" described 
above, the method has been changed, resulting in 
a more conservative calculation of proportion of 
taxonomy-aligned "green" premiums. Due to significant 
methodological change, we will re-evaluate this goal in 
2025.
Our work to meet the criteria for significant 
contribution to climate change adaptation
In 2023, work began on property-related insurance 
products in corporate and retail markets. In 2024 a 
working group was established to adapt motor vehicle 
insurance. The effort resulted in meeting the five technical 
criteria for significant contribution to climate adaptation 
(read more below) for both types of insurance products. 
In 2025, Storebrand plans to continue its efforts in 
implementing necessary risk-reducing measures and carry 
out product adaptations in line with the taxonomy criteria. 
1. A forward-looking climate risk model in pricing 
Storebrand uses Geodata as a data provider to assess 
climate-related risk, especially stormwater issues 
not covered by the National Natural Damage Pool 
(Naturskadepool). 
2. Incentives for loss prevention 
For property insurance in retail and corporate markets, 
we reward customers with loss prevention solutions that 
reduce or delay stormwater. The reward is subject to terms 
and conditions and entails removal of the deductible in the 
event of such damage.
  
For motor vehicle insurance, the greatest climate risk is the 
increasing frequency of weather and temperature changes, 
which lead to challenging driving conditions. Storebrand 
has launched a notification service that offers preventive 
advice to customers through different channels when 
driving conditions are challenging. Customers who sign up 
for the service are rewarded with free tire checks, including 
discounted tire changes, in collaboration with Vianor. 

75    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Storebrand considering expanding the service to include 
tire quality and is monitoring promising solutions emerging 
in both Norwegian and international markets to incentivise 
loss prevention.
Customers who maintain a damage-free driving record 
over time receive a reduced premium, which aligns with 
industry standards.
3. Innovative insurance coverage meeting climate 
adaptation requirements 
Storebrand offers insurance 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.
 
4. Sharing data with public authorities
Storebrand facilitates the collection of data on natural 
and water damage for preventive civil security purposes. 
Sharing damage data with public authorities is important 
for their calculation of risk and vulnerability, for instance 
when developing new areas or reconstructing buildings 
after damage. Storebrand and the non-life insurance 
industry share claims data with the Knowledge Bank 
(Kunnskapsbanken), making data available for civil 
protection and land-use planning professionals in counties 
and municipalities. 
5. High quality claims settlement  
It is important for us to provide effective and efficient 
claims settlements. As many as 84 per cent of claims are 
reported digitally, and we offer emergency help roadside 
assistance or our own alarm centre. In the event of major 
disaster incidents, Storebrand has established guidelines 
for managing such situations. These include enhanced 
emergency preparedness and the provision of additional 
resources, such as during the storm Hans.
Do No Significant Harm (DNSH) 
In our non-life insurance business, the DNSH criterion is 
linked to the environmental objective of mitigating climate 
change. This means that insuring activities involving the 
production, storage, transport and processing of fossil 
fuels shall be excluded from the calculation of taxonomy-
aligned non-life insurance premiums. None of our non-life 
insurance customers were assessed to meet the DNSH 
criterion in 2024.
Minimum social safeguards
The taxonomy regulation sets stringent requirements 
for screening of minimum social safeguards for non-life 
insurance. 
The work with and screening of minimum social 
safeguards must be based on a risk assessment. 
Storebrand considers the greatest risks to be management 
of contractual relationships, both with customers as well 
as suppliers and subcontractors handling our claims 
settlements.
Storebrand conducts annual due diligence to assess both 
own operations and business relationships for potential 
human rights violations. This includes a systematic review 
of suppliers and customer relationships, and we are not 
aware of any violations. Storebrand requires our suppliers 
and partners to comply with the 10 UN Global Compact 
principles, which include human rights and labour rights. 
Storebrand has policies and practices that address other 
social aspects within the regulation. We compete in 
accordance with applicable competition and marketing 
legislation, taking customer needs as our starting point 
for all our offers and recommendations. Storebrand has a 
zero tolerance for corruption. We are fully committed to 
good tax governance and operating in line with tax laws. 
Storebrand is not aware of any cases of corruption or 
breaches of competition or tax legislation. 
Line of business
Gross 
written 
premiums 
(MNOK)
Share of 
total gross 
written 
premiums
Income protection insurance
133.6
3.3%
Workers' compensation 
insurance
27.9
0.7%
Motor vehicle liability insurance
732.7
18%
Other motor insurance
1,569.3
38.6%
Marine, aviation and transport 
insurance
-
-
Fire and other damage to 
property insurance
1,290.8
31.7%
Assistance (travel insurance)
227.3
5.6%

76    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Insurance - Investments for life and non-life insurance
Table 4: 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 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: 4.98 %
Capital expenditures-based: 3.89 %
The weighted average value of all the investments of 
insurance or reinsurance undertakings 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 26,566
Capital expenditures-based: MNOK 20,735
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: 91.91 %
The monetary value of assets covered by the KPI. Excluding 
investments in sovereign entities.
Coverage: MNOK 533,718
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI.
-1.21 %
The value in monetary amounts of derivatives.
MNOK -6,485
The proportion of exposures to 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: 14.41 %
For financial undertakings: 38.10 %
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 76,905
For financial undertakings: MNOK 203,349
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: 23.57 %
For financial undertakings: 8.90 %
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 125,789
For financial undertakings: 47,507
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: 15.02 %
For financial undertakings: 1.00 %
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 80,167
For financial undertakings: MNOK 5,311
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, Taxonomy-aligned 
economic activities: 6.42 %
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 18,724
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:
94.40 %
Value of all the investments that are funding economic 
activities that are not Taxonomy-eligible:
MNOK 503,848
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:
5.23 %
Value of all the investments that are funding Taxonomy-
eligible economic activities, but not Taxonomy-aligned:
MNOK 27,919

77    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
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: 4.16 %
Capital expenditures-based: 3.20 %
For financial undertakings:
Turnover-based: 0.74 %
Capital expenditures-based: 0.62 %
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 22,219
Capital expenditures-based: MNOK 17,063
For financial undertakings:
Turnover-based: MNOK 3,962
Capital expenditures-based: MNOK 3,304
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, Taxonomy-aligned:
Turnover-based: 6.42 %
Capital expenditures-based: 4.24 %
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:
Turnover-based: MNOK 18,724
Capital expenditures-based: MNOK 12,353
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 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:
(1)  Climate change mitigation
Turnover: 4.84 %
CapEx: 3.72 %
Transitional activities: (Turnover 0.70 %; CapEx 0.19 %)
Enabling activities: (Turnover 0.44 %; CapEx 0.57 %)
(2)  Climate change adaptation
Turnover: 1.00 %
CapEx: 0.02 %

Enabling activities: (Turnover 0.01 %; CapEx 0.02 %)
(3)  The sustainable use and protection of water 
and marine resources
Turnover: 0 %
CapEx: 0 %

Enabling activities: (Turnover 0 %; CapEx 0 %)
(4)  The transition to a circular economy
Turnover: 0 %
CapEx: 0 %

Enabling activities: (Turnover 0 %; CapEx 0 %)
(5)  Pollution prevention and control
Turnover: 0 %
CapEx: 0.05 %

Enabling activities: (Turnover 0 %; CapEx 0 %)
(6)  The protection and restoration of biodiversity 
and ecosystems
Turnover: 0 %
CapEx: 0.07 %

Enabling activities: (Turnover 0 %; CapEx 0 %)
Table 5: Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of 
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the 
fuel cycle.
YES
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations 
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as 
hydrogen production, as well as their safety upgrades, using best available technologies.
YES
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce 
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen 
production from nuclear energy, as well as their safety upgrades.
YES
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities 
that produce electricity using fossil gaseous fuels.
YES
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined 
heat/cool and power generation facilities using fossil gaseous fuels.
YES
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 
generation facilities that produce heat/cool using fossil gaseous fuels.
YES

78    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 6: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(denominator , Turnover)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
1
0.00 %
1
0.00 %
0
0.00 %
4.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
5.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
6.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the denominator of the applicable KPI
31,152
5.49 %
25,819
4.55 %
5,333
0.94 %
8.
Total applicable KPI
31,154
5.49 %
25,821
4.55 %
5,333
0.94 %

79    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 7: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(denominator , CapEx)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
4.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
5.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
6.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the denominator of the applicable KPI
20,054
3.76 %
19,878
3.72 %
175
0.03 %
8.
Total applicable KPI
20,054
3.76 %
19,878
3.72 %
175
0.03 %

80    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 8: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(numerator , Turnover)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned eco­
nomic activity referred to in Section 4.26 of Annexes 
I and II to Delegated Regulation 2021/ 2139 in the 
numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-aligned eco­
nomic activity referred to in Section 4.27 of Annexes 
I and II to Delegated Regulation 2021/ 2139 in the 
numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-aligned eco­
nomic activity referred to in Section 4.28 of Annexes 
I and II to Delegated Regulation 2021/ 2139 in the 
numerator of the applicable KPI
1
0.00 %
1
0.00 %
0
0.00 %
4.
Amount and proportion of taxonomy-aligned eco­
nomic activity referred to in Section 4.29 of Annexes 
I and II to Delegated Regulation 2021/ 2139 in the 
numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
5.
Amount and proportion of taxonomy-aligned eco­
nomic activity referred to in Section 4.30 of Annexes 
I and II to Delegated Regulation 2021/ 2139 in the 
numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
6.
Amount and proportion of taxonomy-aligned eco­
nomic activity referred to in Section 4.31 of Annexes 
I and II to Delegated Regulation 2021/ 2139 in the 
numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the numerator of the applicable KPI
31,152
99.99 %
25,819
82.88 %
5,333
17.12 %
8.
Total amount and proportion of taxonomy-aligned 
economic activities in the numerator of the 
applicable KPI
31,154
100.00 %
25,821
82.88 %
5,333
17.12 %

81    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 9: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(numerator , CapEx)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned 
economic activity referred to in Section 4.26 of 
Annexes I and II to Delegated Regulation 2021/ 2139 
in the numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-aligned 
economic activity referred to in Section 4.27 of 
Annexes I and II to Delegated Regulation 2021/ 2139 
in the numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-aligned 
economic activity referred to in Section 4.28 of 
Annexes I and II to Delegated Regulation 2021/ 2139 
in the numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
4.
Amount and proportion of taxonomy-aligned 
economic activity referred to in Section 4.29 of 
Annexes I and II to Delegated Regulation 2021/ 2139 
in the numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
5.
Amount and proportion of taxonomy-aligned 
economic activity referred to in Section 4.30 of 
Annexes I and II to Delegated Regulation 2021/ 2139 
in the numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
6.
Amount and proportion of taxonomy-aligned 
economic activity referred to in Section 4.31 of 
Annexes I and II to Delegated Regulation 2021/ 2139 
in the numerator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the numerator of the applicable KPI
20,054
100.00 %
19,878
99.12 %
175
0.87 %
8.
Total amount and proportion of taxonomy-aligned 
economic activities in the numerator of the 
applicable KPI
20,054
100.00 %
19,878
99.13 %
175
0.87 %

82    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 10: Nuclear and fossil gas related activities - Taxonomy-eligible but not 
taxonomy-aligned economic activities (Turnover)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
4.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
6
0.08 %
6
0.08 %
0
0.00 %
5.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
14
0.19 %
14
0.19 %
0
0.00 %
6.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-eligible 
but not taxonomy-aligned economic activities not 
referred to in rows 1 to 6 above in the denominator 
of the applicable KPI
7,682
99.73 %
7,338
95.26 %
344
2.55 %
8.
Total amount and proportion of taxonomy-eligible 
but not taxonomy-aligned economic activities in 
the denominator of the applicable KPI
7,703
1
7,359
1
344
0

83    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 11: Nuclear and fossil gas related activities - Taxonomy-eligible but not 
taxonomy-aligned economic activities (CapEx)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
1
0.01 %
1
0.01 %
0
0.00 %
4.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
2
0.01 %
2
0.01 %
0
0.00 %
5.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
2
0.02 %
2
0.02 %
0
0.00 %
6.
Amount and proportion of taxonomy-eligible but 
not taxonomy-aligned economic activity referred 
to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the 
applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-eligible 
but not taxonomy-aligned economic activities not 
referred to in rows 1 to 6 above in the denominator 
of the applicable KPI
13,472
99.97 %
12,274
91.08 %
1,197
8.89 %
8.
Total amount and proportion of taxonomy-eligible 
but not taxonomy-aligned economic activities in 
the denominator of the applicable KPI
13,476
100.00 %
12,279
91.11 %
1,197
8.89 %

84    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 12: Nuclear and fossil gas related activities - Taxonomy non-eligible economic activities (Turnover)
(Amounts are in MNOK)
Amount
Percentage
Row
Economic activities
1.
Amount and proportion of economic activity referred to in row 1 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
2.
Amount and proportion of economic activity referred to in row 2 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
3.
Amount and proportion of economic activity referred to in row 3 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
4.
Amount and proportion of economic activity referred to in row 4 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
5.
Amount and proportion of economic activity referred to in row 5 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
6.
Amount and proportion of economic activity referred to in row 6 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
7.
Amount and proportion of other taxonomy-non-eligible economic activities 
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
528,757
100.00 %
8.
Total amount and proportion of taxonomy-non-eligible economic activities in 
the denominator of the applicable KPI
528,758
100.00 %

85    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
We report our investments at an aggregate level for 
our insurance companies, i.e. Storebrand Forsikring, 
Storebrand Helseforsikring, Storebrand Livsforsikring and 
SPP Pension & Försäkring. We disclose the proportion of 
taxonomy eligible investments as well as the proportion of 
taxonomy aligned investments.
Revenue-based Taxonomy-alignment is 4.98 percent 
(0.85 percent in 2023), while CapEx-based alignment 
is 3.89 percent (1 percent in 2023). The share of the 
value of investments covered by the taxonomy has 
increased by approximately three percent from last year. 
Improved coverage and quality of taxonomy data from the 
portfolio effects the taxonomy alignment positively. The 
climate change mitigation objective is by far the biggest 
contributor.  
  
For more details on the methodology and data sources for 
taxonomy reporting, please refer to the Asset Management 
reporting on page 95. 
Table 13: Nuclear and fossil gas related activities - Taxonomy non-eligible economic activities (CapEx)
(Amounts are in MNOK)
Amount
Percentage
Row
Economic activities
1.
Amount and proportion of economic activity referred to in row 1 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
2.
Amount and proportion of economic activity referred to in row 2 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
3.
Amount and proportion of economic activity referred to in row 3 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
4.
Amount and proportion of economic activity referred to in row 4 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
5.
Amount and proportion of economic activity referred to in row 5 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
6.
Amount and proportion of economic activity referred to in row 6 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
7.
Amount and proportion of other taxonomy-non-eligible economic activities 
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
500,188
100.00 %
8.
Total amount and proportion of taxonomy-non-eligible economic activities in 
the denominator of the applicable KPI
500,188
100.00 %

86    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The weighted average value of all the investments 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: 6.03 %
CapEx—based: 2.85 %
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 77,974
CapEx-based: 36,806
The percentage of assets covered by the KPI relative to total investments 
(total AuM). Excluding investments in sovereign entities, Coverage ratio: 
93.21 %
The monetary value of assets covered by the KPI. Excluding 
investments in sovereign entities.
Coverage: MNOK 1,292,339
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI.
-0.62 %
The value in monetary amounts of derivatives:.
MNOK – 8,066
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: 15.50 %
For financial undertakings: 17.70 %
Value of exposures to EU financial and non-financial 
undertakings not subject to Articles 19a and 29a of 
Directive 2013/34/EU:
For non-financial undertakings: MNOK 200,350
For financial undertakings: MNOK 228,728
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: 38.26 %
For financial undertakings: 10.20 %
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 494,391
For financial undertakings: MNOK 131,837
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: 12.57 %
For financial undertakings: 0.84 %
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 162,427
For financial undertakings: MNOK 10,828
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 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:
86.48 %
Value of all the investments that are funding economic 
activities that are not taxonomy-eligible:
MNOK 111,7643
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:
7.02 %
Value of all the investments that are funding Taxonomy-
eligible economic activities, but not taxonomy-aligned:
MNOK 90,658
Table 14: Template for the KPI of asset managers
Storebrand Asset Management (SAM) reports as an 
asset manager in accordance with the taxonomy, at an 
aggregated level for our investments. We disclose the 
proportion of our assets under management that are 
taxonomy 'eligible and aligned.
Storebrand welcomes enhanced investment information 
provided by the taxonomy and views it as a potentially 
useful tool in identifying sustainable investments. As the 
regulation and reporting develops, we hope to better 
integrate the taxonomy into asset management targets. 
Storebrand now integrates the taxonomy by using it as 
a tool to identify solution companies and to increase 
taxonomy-alignment in the real estate portfolio.
Asset Management

87    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
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: 5.92 %
Capital expenditures-based: 2.62 %
For financial undertakings:
Turnover-based: 0.02 %
Capital expenditures-based: 0.15 %
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 76,566
Capital expenditures-based: MNOK 33,882
For financial undertakings:
Turnover-based: MNOK 217
Capital expenditures-based: MNOK 1,949
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 –:
(1)  Climate change mitigation
Turnover: 4.36 %
CapEx: 2.74 %
Transitional activities: (Turnover 1.69 %; CapEx 0.23 %)
Enabling activities: (Turnover 0.55 %; CapEx 0.77 %)
(2)  Climate change adaptation
Turnover: 0.08 %
CapEx: 0.06 %
Enabling activities: (Turnover 0.01 %; CapEx 0.02 %)
(3)  The sustainable use and protection of 
water and marine resources
Turnover: 0 %
CapEx: 0 %
Enabling activities: (Turnover 0 %; CapEx 0 %)
(4)  The transition to a circular economy
Turnover: 0 %
CapEx: 0.04 %
Enabling activities: (Turnover 0 %; CapEx 0 %)
(5)  Pollution prevention and control
Turnover: 0 %
CapEx: 0 %
Enabling activities: (Turnover 0 %; CapEx 0 %)
(6)  The protection and restoration of 
biodiversity and ecosystems
Turnover: 0 %
CapEx: 0.05 %
Enabling activities: (Turnover 0 %; CapEx 0 %)

88    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 15: Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of 
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the 
fuel cycle.
YES
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations 
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as 
hydrogen production, as well as their safety upgrades, using best available technologies.
YES
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce 
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen 
production from nuclear energy, as well as their safety upgrades.
YES
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities 
that produce electricity using fossil gaseous fuels.
YES
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined 
heat/cool and power generation facilities using fossil gaseous fuels.
YES
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 
generation facilities that produce heat/cool using fossil gaseous fuels.
YES
Table 16: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(denominator, Turnover)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
29
0.00 %
 29 
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
653
0.05 %
 653 
0.05 %
0
0.00 %
3.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
2,394
0.19 %
2,394
0.19 %
0
0.00 %
4.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
 - 
0.00 %
0
0.00 %
5.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
 - 
0.00 %
0
0.00 %
6.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
 - 
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the denominator of the applicable KPI
54,296
4.35 %
53,321
4.28 %
975
0.08 %
8.
Total applicable KPI
57,371
4.60 %
56,397
4.53 %
975
0.08 %

89    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 17: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(denominator, CapEx)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
11
0.00 %
 11 
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
 - 
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
255
0.02 %
255
0.02 %
0
0.00 %
4.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
1
0.00 %
 1 
0.00 %
0
0.00 %
5.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
0
0.00 %
 - 
0.00 %
0
0.00 %
6.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the denominator of 
the applicable KPI
1
0.00 %
 1 
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the denominator of the applicable KPI
35,888
2.78 %
35,130
2.72 %
758
0.06 %
8.
Total applicable KPI
36,156
2.80 %
35,398
2.74 %
758
0.06 %

90    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 18: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(numerator, Turnover)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
29
0 %
29
0 %
0
0 %
2.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
653
1 %
653
1 %
0
0 %
3.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
2,394
4 %
2,394
4 %
0
0 %
4.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
0
0 %
0
0 %
0
0 %
5.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
0
0 %
0
0 %
0
0 %
6.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
0
0 %
0
0 %
0
0 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the numerator of the applicable KPI
54,296
95 %
53,321
93 %
975
2 %
8.
Total amount and proportion of taxonomy-aligned 
economic activities in the numerator of the 
applicable KPI
57,371
100.00 %
56,397
98.30 %
975
1.70 %

91    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 19: Nuclear and fossil gas related activities - Taxonomy-aligned economic activities 
(numerator, CapEx)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
11
0 %
11
0.03 %
0
0.00 %
2.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
0
0 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
255
1 %
255
0.71 %
0
0.00 %
4.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
1
0 %
1
0.00 %
0
0.00 %
5.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
0
0 %
0
0.00 %
0
0.00 %
6.
Amount and proportion of taxonomy-aligned economic 
activity referred to in Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/ 2139 in the numerator of 
the applicable KPI
1
0 %
1
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-aligned 
economic activities not referred to in rows 1 to 6 
above in the numerator of the applicable KPI
35,888
99 %
35,130
97.16 %
758
2.10 %
8.
Total amount and proportion of taxonomy-aligned 
economic activities in the numerator of the 
applicable KPI
36,156
100.00 %
35,398
97.90 %
758
2.10 %

92    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 20: Nuclear and fossil gas related activities - Taxonomy-eligible but not taxonomy-aligned 
economic activities (Turnover)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.26 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.27 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.28 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
83
0.28 %
83
0.28 %
0
0.00 %
4.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.29 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
762
2.57 %
762
2.57 %
0
0.00 %
5.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.30 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
2,152
7.26 %
2,152
7.26 %
0
0.00 %
6.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.31 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-eligible 
but not taxonomy-aligned economic activities not 
referred to in rows 1 to 6 above in the denominator 
of the applicable KPI
26,635
89.88 %
25,030
84.47 %
1,605
5.42 %
8.
Total amount and proportion of taxonomy-eligible 
but not taxonomy-aligned economic activities in the 
denominator of the applicable KPI
29,633
100.00 %
28,028
94.58 %
1,605
5.42 %

93    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 21: Nuclear and fossil gas related activities - Taxonomy-eligible but not taxonomy-aligned 
economic activities (CapEx)
(Amounts are in MNOK)
CCM + CCA
Climate change 
mitigation (CCM)
Climate change 
adaptation (CCA)
Row
Economic activities
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.26 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
2.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.27 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
3.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.28 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
34
0.09 %
34
0.09 %
0
0.00 %
4.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.29 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
297
0.82 %
297
0.82 %
0
0.00 %
5.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.30 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
281
0.78 %
281
0.78 %
0
0.00 %
6.
Amount and proportion of taxonomy-eligible but not 
taxonomy-aligned economic activity referred to in 
Section 4.31 of Annexes I and II to Delegated Regulation 
2021/2139 in the denominator of the applicable KPI
0
0.00 %
0
0.00 %
0
0.00 %
7.
Amount and proportion of other taxonomy-eligible 
but not taxonomy-aligned economic activities not 
referred to in rows 1 to 6 above in the denominator 
of the applicable KPI
35,471
98.30 %
31,704
87.86 %
3,767
10.44 %
8.
Total amount and proportion of taxonomy-eligible 
but not taxonomy-aligned economic activities in the 
denominator of the applicable KPI
36,083
100.00 %
32,316
89.56 %
3,767
10.44 %

94    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 22: Nuclear and fossil gas related activities - Taxonomy non-eligible economic activities (Turnover)
(Amounts are in MNOK)
Amount
Percentage
Row
Economic activities
1.
Amount and proportion of economic activity referred to in row 1 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
2.
Amount and proportion of economic activity referred to in row 2 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
3.
Amount and proportion of economic activity referred to in row 3 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
0.00 %
4.
Amount and proportion of economic activity referred to in row 4 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
5.
Amount and proportion of economic activity referred to in row 5 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
16
0.00 %
6.
Amount and proportion of economic activity referred to in row 6 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
7.
Amount and proportion of other taxonomy-non-eligible economic activities 
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
1,158,813
100.00 %
8.
Total amount and proportion of taxonomy-non-eligible economic activities in 
the denominator of the applicable KPI
1,158,836
100 %
Table 23: Nuclear and fossil gas related activities - Taxonomy non-eligible economic activities (CapEx)
(Amounts are in MNOK)
Amount
Percentage
Row
Economic activities
1.
Amount and proportion of economic activity referred to in row 1 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
2.
Amount and proportion of economic activity referred to in row 2 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
3.
Amount and proportion of economic activity referred to in row 3 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
0.00 %
4.
Amount and proportion of economic activity referred to in row 4 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
5.
Amount and proportion of economic activity referred to in row 5 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
6.
Amount and proportion of economic activity referred to in row 6 of Template 1 that 
is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to 
Delegated Regulation 2021/2139 in the denominator of the applicable KPI
0
0.00 %
7.
Amount and proportion of other taxonomy-non-eligible economic activities 
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
1,220,093
100.00 %
8.
Total amount and proportion of taxonomy-non-eligible economic activities in 
the denominator of the applicable KPI
1,220,100
100 %

95    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Process and progress
Exposures to central governments, central banks and 
supranational issuers are excluded from the numerator 
calculation. The denominator includes total investments, 
except for exposures to central governments, central 
banks and supranational issuers. The category 'Financial' 
includes companies defined as NACE sector = K. All other 
investments fall into the category 'Non-financial'.
We assume that companies required to report by Article 
19a or 29a do so. The categories that specify "not subject 
to Articles 19a and 29a of Directive 2013/34/EU" include 
companies (in the relevant jurisdiction) that have not 
reported taxonomy figures. 
The results show weighted average of the value of all 
investments directed at financing or associated with 
taxonomy-aligned economic activities, relative to the 
value of total assets covered by the KPI, with the following 
weights for investments:
•	 Based on revenue: 6.03 percent (with a value of MNOK 
77,974)
•	 Based on capital expenditures: 2.85 per cent (with a 
value of NOK 36,806 million)
86.5 per cent of the value of our investments is not 
covered by the taxonomy in 2024 (compared with 90 
per cent last year), meaning that a larger share of our 
investment universe is covered by the taxonomy. Along 
with improving taxonomy data in the investment portfolio, 
this positively impacts taxonomy-alignment based on 
turnover (3.53 per cent last year). In 2024 we also report 
on the other four environmental objectives, but with 
limited impact on the figures (probably due to recent 
implementation). The climate change mitigation objective 
is the largest contributor.         
Data sources
As our investment universe consists of approximately 
4,500 companies, obtaining information directly from 
companies is challenging. We use a third-party data 
provider to collect taxonomy data for listed equities 
and bonds Various data sources are used to calculate 
taxonomy figures for different asset classes:
•	 	For equity and bond investments, reported data from 
companies is used, retrieved via Sustainalytics.
•	 For real estate investments, Celsia is used to calculate 
the basis figures for taxonomy aggregation.  
•	 For infrastructure, reported figures from the underlying 
companies/projects in the portfolio of the fund's 
investment partners, AIP and Infranode, are used. AIP 
and Infranode provide the basis figures to Storebrand, 
which aggregates these to fund level.
We recognise the complexity of taxonomy reporting for 
a comprehensive investment universe and rely on good 
partners and data providers. We have compared most of 
the data providers and evaluated them before choosing 
to work with Sustainalytics – a leading player in ESG data. 
The Celsia system supports the systematisation of figures 
and requirements for individual properties, providing a 
robust basis for aggregation. AIP and Infranode have used 
external advisors for taxonomy assessments, including 
Position Green.

96    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 24: Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation
Banking
Total 
environmentally 
sustainable 
assets (NOK 
million)
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 
denominator 
of the GAR 
(Article 7(1) 
and Section 
1.2.4 of 
Annex V)
Main KPI
Green asset ratio 
(GAR) stock
14,893
17.22 %
17.22 %
99.99 %
8.34 %
0.01 %
Total 
environmentally 
sustainable 
activities (NOK 
million)
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 
denominator 
of the GAR 
(Article 7(1) 
and Section 
1.2.4 of 
Annex V)
Additional 
KPIs
GAR (flow)
4,835
14.98 %
14.98 %
37.33 %
5.58 %
0.00 %
Trading book 26)
Financial 
guarantees 27)
Assets under 
management 27)
Fees and 
commissions 
income 26)
26)  Not subject to reporting requirements before 2026.
27)  Not applicable for Storebrand Bank.

97    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 25: Assets for the calculation of GAR (Turnover, T)
Million EUR
Disclosure reference date T
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation
79,253
77,158
14,893
14,339
1
0
77,158
14,893
14,339
2
Financial undertakings
3,369
1,274
555
1
0
1,274
555
3
Credit institutions
3,369
1,274
555
1
0
1,274
555
1
0
4
Loans and advances
0
5
Debt securities, including UoP
3,369
1,274
555
1
0
1,274
555
1
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
8
of which investment firms
0
9
Loans and advances
0
10
Debt securities, including UoP
0
11
Equity instruments
0
12
of which  management companies
0
13
Loans and advances
0
14
Debt securities, including UoP
0
15
Equity instruments
0
16
of which insurance undertakings
0
17
Loans and advances
0
18
Debt securities, including UoP
0
19
Equity instruments
0
20
Non-financial undertakings
0
21
Loans and advances
0
22
Debt securities, including UoP
0
23
Equity instruments
0
24
Households
75,885
75,885
14,339
14,339
75,885
14,339
14,339
25
of which loans collateralised by 
residential immovable property
75,885
75,885
14,339
14,339
75,885
14,339
14,339
26
of which building renovation loans
0
27
of which motor vehicle loans
0
28
Local governments financing
0
29
Housing financing
0
30
Other local government financing
0
31
Collateral obtained by taking 
possession: residential and com­
mercial immovable properties 
0

98    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 25: Assets for the calculation of GAR (Turnover, T), continues
Million EUR
Disclosure reference date T
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
32
Assets excluded from the numer­
ator for GAR calculation (covered 
in the denominator)
7,215
33
Financial and Non-financial 
undertakings
4,474
34
SMEs and NFCs (other than SMEs) 
not subject to NFRD disclosure 
obligations
4,474
35
Loans and advances
0
36
of which loans collateralised by 
commercial immovable property
0
37
of which building renovation 
loans
0
38
Debt securities
4,435
39
Equity instruments
39
40
Non-EU country counterparties 
not subject to NFRD disclosure 
obligations
0
41
Loans and advances
0
42
Debt securities
0
43
Equity instruments
0
44
Derivatives
38
45
On demand interbank loans
0
46
Cash and cash-related assets
0
47
Other categories of assets (e.g. 
Goodwill, commodities etc.)
2,703
48
Total GAR assets
86,468
77,158
14,893
14,339
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
77,158
14,893
14,339
0
0
49
Assets not covered for GAR calcu­
lation
6
50
Central governments and Supra­
national issuers
0
51
Central banks exposure
6
52
Trading book
0
53
Total assets
86,474
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
55
Assets under management
0
56
Of which debt securities 
0
57
Of which equity instruments 
0

99    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 25: Assets for the calculation of GAR (Turnover, T-1)
Million EUR
Disclosure reference date T-1
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation
2
Financial undertakings
7,830
3
Credit institutions
7,830
4
Loans and advances
1,009
5
Debt securities, including UoP
6,776
6
Equity instruments
44
7
Other financial corporations
0
8
of which investment firms
0
9
Loans and advances
0
10
Debt securities, including UoP
0
11
Equity instruments
0
12
of which  management companies
0
13
Loans and advances
0
14
Debt securities, including UoP
0
15
Equity instruments
0
16
of which insurance undertakings
0
17
Loans and advances
0
18
Debt securities, including UoP
0
19
Equity instruments
0
20
Non-financial undertakings
1,044
21
Loans and advances
0
100
22
Debt securities, including UoP
1,044
100
23
Equity instruments
0
24
Households
76,658
76,252
6,244
6,244
25
of which loans collateralised by 
residential immovable property
76,252
76,252
6,244
6,244
26
of which building renovation loans
0
27
of which motor vehicle loans
0
28
Local governments financing
0
29
Housing financing
0
30
Other local government financing
0
31
Collateral obtained by taking 
possession: residential and com­
mercial immovable properties 
0

100    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 25: Assets for the calculation of GAR (Turnover, T-1), continues
Million EUR
Disclosure reference date T-1
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
32
Assets excluded from the numer­
ator for GAR calculation (covered 
in the denominator)
1,443
33
Financial and Non-financial 
undertakings
1,275
34
SMEs and NFCs (other than SMEs) 
not subject to NFRD disclosure 
obligations
1,275
35
Loans and advances
129
36
of which loans collateralised by 
commercial immovable property
0
37
of which building renovation 
loans
0
38
Debt securities
1,147
39
Equity instruments
0
40
Non-EU country counterparties 
not subject to NFRD disclosure 
obligations
0
41
Loans and advances
0
42
Debt securities
0
43
Equity instruments
0
44
Derivatives
90
45
On demand interbank loans
0
46
Cash and cash-related assets
0
47
Other categories of assets (e.g. 
Goodwill, commodities etc.)
78
48
Total GAR assets
86,975
49
Assets not covered for GAR calcu­
lation
308
50
Central governments and Supra­
national issuers
301
51
Central banks exposure
6
52
Trading book
0
53
Total assets
87,283
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
55
Assets under management
0
56
Of which debt securities 
0
57
Of which equity instruments 
0

101    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 26: Assets for the calculation of GAR (CapEx, T)
Million EUR
Disclosure reference date T
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation
79,253
77,158
14,893
14,339
1
0
77,158
14,893
14,339
2
Financial undertakings
3,369
1,274
555
1
0
1,274
555
3
Credit institutions
3,369
1,274
555
1
0
1,274
555
1
0
4
Loans and advances
0
5
Debt securities, including UoP
3,369
1,274
555
1
0
1,274
555
1
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
8
of which investment firms
0
9
Loans and advances
0
10
Debt securities, including UoP
0
11
Equity instruments
0
12
of which  management companies
0
13
Loans and advances
0
14
Debt securities, including UoP
0
15
Equity instruments
0
16
of which insurance undertakings
0
17
Loans and advances
0
18
Debt securities, including UoP
0
19
Equity instruments
0
20
Non-financial undertakings
0
21
Loans and advances
0
22
Debt securities, including UoP
0
23
Equity instruments
0
24
Households
75,885
75,885
14,339
14,339
75,885
14,339
14,339
25
of which loans collateralised by 
residential immovable property
75,885
75,885
14,339
14,339
75,885
14,339
14,339
26
of which building renovation loans
0
27
of which motor vehicle loans
0
28
Local governments financing
0
29
Housing financing
0
30
Other local government financing
0
31
Collateral obtained by taking 
possession: residential and com­
mercial immovable properties 
0

102    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 26: Assets for the calculation of GAR (CapEx, T), continues
Million EUR
Disclosure reference date T
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
32
Assets excluded from the numer­
ator for GAR calculation (covered 
in the denominator)
7,215
33
Financial and Non-financial 
undertakings
4,474
34
SMEs and NFCs (other than SMEs) 
not subject to NFRD disclosure 
obligations
4,474
35
Loans and advances
0
36
of which loans collateralised by 
commercial immovable property
0
37
of which building renovation 
loans
0
38
Debt securities
4,435
39
Equity instruments
39
40
Non-EU country counterparties 
not subject to NFRD disclosure 
obligations
0
41
Loans and advances
0
42
Debt securities
0
43
Equity instruments
0
44
Derivatives
38
45
On demand interbank loans
0
46
Cash and cash-related assets
0
47
Other categories of assets (e.g. 
Goodwill, commodities etc.)
2,703
48
Total GAR assets
86,468
77,158
14,893
14,339
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
77,158
14,893
14,339
0
0
49
Assets not covered for GAR calcu­
lation
6
50
Central governments and Supra­
national issuers
0
51
Central banks exposure
6
52
Trading book
0
53
Total assets
86,474
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
55
Assets under management
0
56
Of which debt securities 
0
57
Of which equity instruments 
0

103    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 26: Assets for the calculation of GAR (CapEx, T-1)
Million EUR
Disclosure reference date T-1
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation
2
Financial undertakings
7,830
3
Credit institutions
7,830
4
Loans and advances
1,009
5
Debt securities, including UoP
6,776
6
Equity instruments
44
7
Other financial corporations
0
8
of which investment firms
0
9
Loans and advances
0
10
Debt securities, including UoP
0
11
Equity instruments
0
12
of which  management companies
0
13
Loans and advances
0
14
Debt securities, including UoP
0
15
Equity instruments
0
16
of which insurance undertakings
0
17
Loans and advances
0
18
Debt securities, including UoP
0
19
Equity instruments
0
20
Non-financial undertakings
1,044
21
Loans and advances
0
100
22
Debt securities, including UoP
1,044
100
23
Equity instruments
0
24
Households
76,658
76,252
6,244
6,244
25
of which loans collateralised by 
residential immovable property
76,252
76,252
6,244
6,244
26
of which building renovation loans
0
27
of which motor vehicle loans
0
28
Local governments financing
0
29
Housing financing
0
30
Other local government financing
0
31
Collateral obtained by taking 
possession: residential and com­
mercial immovable properties 
0

104    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 26: Assets for the calculation of GAR (CapEx, T-1), continues
Million EUR
Disclosure reference date T-1
Total 
[gross] 
carrying 
amount 
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors 
(Taxonomy-eligible)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally 
sustainable (Taxono­
my-aligned)
Of which environmentally sustainable 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
32
Assets excluded from the numer­
ator for GAR calculation (covered 
in the denominator)
1,443
33
Financial and Non-financial 
undertakings
1,275
34
SMEs and NFCs (other than SMEs) 
not subject to NFRD disclosure 
obligations
1,275
35
Loans and advances
129
36
of which loans collateralised by 
commercial immovable property
0
37
of which building renovation 
loans
0
38
Debt securities
1,147
39
Equity instruments
0
40
Non-EU country counterparties 
not subject to NFRD disclosure 
obligations
0
41
Loans and advances
0
42
Debt securities
0
43
Equity instruments
0
44
Derivatives
90
45
On demand interbank loans
0
46
Cash and cash-related assets
0
47
Other categories of assets (e.g. 
Goodwill, commodities etc.)
78
48
Total GAR assets
86,975
49
Assets not covered for GAR calcu­
lation
308
50
Central governments and Supra­
national issuers
301
51
Central banks exposure
6
52
Trading book
0
53
Total assets
87,283
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54
Financial guarantees
0
55
Assets under management
0
56
Of which debt securities 
0
57
Of which equity instruments 
0

105    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 27: GAR sector information (Turnover)
Table 28: GAR sector information (CapEx)
Break­
down 
by 
sector - 
NACE 
4 digits 
level 
(code 
and 
label)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
1
2
3
4
…
Break­
down 
by 
sector - 
NACE 
4 digits 
level 
(code 
and 
label)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
Non-Financial cor­
porates (Subject to 
NFRD)
SMEs and other NFC 
not subject to NFRD
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
[Gross] carrying 
amount
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
Mn EUR
Of which 
environ­
mentally 
sustaina­
ble (CCM)
1
2
3
4
…

106    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 29: GAR KPI stock (Turnover, T)
% (compared to total covered assets 
in the denominator)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Pro­
portion 
of total 
assets 
covered
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
ena­
bling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
ena­
bling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securi­
ties and equity instruments not HfT 
eligible for GAR calculation
97.36 %
18.79 %
18.09 %
97.36 %
18.79 %
18.09 %
0.00 %
0.00 %
91.66 %
2
Financial undertakings 
37.81 %
16.46 %
0.02 %
0.00 %
37.81 %
16.46 %
0.02 %
0.00 %
3.90 %
3
Credit institutions
37.81 %
16.46 %
0.02 %
0.00 %
37.81 %
16.46 %
0.02 %
0.00 %
3.90 %
4
Loans and advances
0.00 %
5
Debt securities, including UoP
37.81 %
16.46 %
0.02 %
0.00 %
37.81 %
16.46 %
0.02 %
0.00 %
3.90 %
6
Equity instruments
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
7
Other financial corporations
0.00 %
8
of which investment firms
0.00 %
9
Loans and advances
0.00 %
10
Debt securities, including UoP
0.00 %
11
Equity instruments
0.00 %
12
of which  management com­
panies
0.00 %
13
Loans and advances
0.00 %
14
Debt securities, including UoP
0.00 %
15
Equity instruments
0.00 %
16
of which insurance undertakings
0.00 %
17
Loans and advances
0.00 %
18
Debt securities, including UoP
0.00 %
19
Equity instruments
0.00 %
20
Non-financial undertakings
0.00 %
21
Loans and advances
0.00 %
22
Debt securities, including UoP
0.00 %
23
Equity instruments
0.00 %
24
Households
100.00 %
18.90 %
18.90 %
100.00 %
18.90 %
18.90 %
87.76 %
25
of which loans collateralised by 
residential immovable property
100.00 %
18.90 %
18.90 %
100.00 %
18.90 %
18.90 %
87.76 %
26
of which building renovation 
loans
0.00 %
27
of which motor vehicle loans
0.00 %
28
Local governments financing
0.00 %
29
Housing financing
0.00 %
30
Other local government financing
0.00 %
31
Collateral obtained by taking 
possession: residential and 
commercial immovable prop­
erties 
0.00 %
32
Total GAR assets
89.23 %
17.22 %
16.58 %
0.00 %
0.00 %
89.23 %
17.22 %
16.58 %
100.00 %

107    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 29: GAR KPI stock (Turnover, T-1)
% (compared to total covered assets 
in the denominator)
Disclosure reference date T-1
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Pro­
portion 
of total 
assets 
covered
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
ena­
bling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
ena­
bling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securi­
ties and equity instruments not HfT 
eligible for GAR calculation
87.80 %
87.80 %
2
Financial undertakings 
3
Credit institutions
4
Loans and advances
5
Debt securities, including UoP
6
Equity instruments
7
Other financial corporations
8
of which investment firms
9
Loans and advances
10
Debt securities, including UoP
11
Equity instruments
12
of which  management com­
panies
13
Loans and advances
14
Debt securities, including UoP
15
Equity instruments
16
of which insurance undertakings
17
Loans and advances
18
Debt securities, including UoP
19
Equity instruments
20
Non-financial undertakings
0.10 %
0.10 %
21
Loans and advances
22
Debt securities, including UoP
23
Equity instruments
0 %
0.00 %
24
Households
25
of which loans collateralised by 
residential immovable property
87.70 %
87.70 %
26
of which building renovation 
loans
27
of which motor vehicle loans
28
Local governments financing
29
Housing financing
30
Other local government financing
31
Collateral obtained by taking 
possession: residential and 
commercial immovable prop­
erties 
32
Total GAR assets
87.80 %

108    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 30: GAR KPI stock (CapEx, T)
% (compared to total covered assets 
in the denominator)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Pro­
portion 
of total 
assets 
covered
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
ena­
bling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
ena­
bling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securi­
ties and equity instruments not HfT 
eligible for GAR calculation
97.36 %
18.79 %
18.09 %
97.36 %
18.79 %
18.09 %
0.00 %
0.00 %
91.66 %
2
Financial undertakings 
37.81 %
16.46 %
0.02 %
0.00 %
37.81 %
16.46 %
0.02 %
0.00 %
3.90 %
3
Credit institutions
37.81 %
16.46 %
0.02 %
0.00 %
37.81 %
16.46 %
0.02 %
0.00 %
3.90 %
4
Loans and advances
0.00 %
5
Debt securities, including UoP
37.81 %
16.46 %
0.02 %
0.00 %
37.81 %
16.46 %
0.02 %
0.00 %
3.90 %
6
Equity instruments
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
7
Other financial corporations
0.00 %
8
of which investment firms
0.00 %
9
Loans and advances
0.00 %
10
Debt securities, including UoP
0.00 %
11
Equity instruments
0.00 %
12
of which  management com­
panies
0.00 %
13
Loans and advances
0.00 %
14
Debt securities, including UoP
0.00 %
15
Equity instruments
0.00 %
16
of which insurance undertakings
0.00 %
17
Loans and advances
0.00 %
18
Debt securities, including UoP
0.00 %
19
Equity instruments
0.00 %
20
Non-financial undertakings
0.00 %
21
Loans and advances
0.00 %
22
Debt securities, including UoP
0.00 %
23
Equity instruments
0.00 %
24
Households
100.00 %
18.90 %
18.90 %
100.00 %
18.90 %
18.90 %
87.76 %
25
of which loans collateralised by 
residential immovable property
100.00 %
18.90 %
18.90 %
100.00 %
18.90 %
18.90 %
87.76 %
26
of which building renovation 
loans
0.00 %
27
of which motor vehicle loans
0.00 %
28
Local governments financing
0.00 %
29
Housing financing
0.00 %
30
Other local government financing
0.00 %
31
Collateral obtained by taking 
possession: residential and 
commercial immovable prop­
erties 
0.00 %
32
Total GAR assets
89.23 %
17.22 %
16.58 %
0.00 %
0.00 %
89.23 %
17.22 %
16.58 %
100.00 %

109    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 30: GAR KPI stock (CapEx, T-1)
% (compared to total covered assets 
in the denominator)
Disclosure reference date T-1
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Pro­
portion 
of total 
assets 
covered
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
ena­
bling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
ena­
bling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securi­
ties and equity instruments not HfT 
eligible for GAR calculation
87.80 %
87.80 %
2
Financial undertakings 
3
Credit institutions
4
Loans and advances
5
Debt securities, including UoP
6
Equity instruments
7
Other financial corporations
8
of which investment firms
9
Loans and advances
10
Debt securities, including UoP
11
Equity instruments
12
of which  management com­
panies
13
Loans and advances
14
Debt securities, including UoP
15
Equity instruments
16
of which insurance undertakings
17
Loans and advances
18
Debt securities, including UoP
19
Equity instruments
20
Non-financial undertakings
0.10 %
0.10 %
21
Loans and advances
22
Debt securities, including UoP
23
Equity instruments
0 %
0.00 %
24
Households
25
of which loans collateralised by 
residential immovable property
87.70 %
87.70 %
26
of which building renovation 
loans
27
of which motor vehicle loans
28
Local governments financing
29
Housing financing
30
Other local government financing
31
Collateral obtained by taking 
possession: residential and 
commercial immovable prop­
erties 
32
Total GAR assets
87.80 %

110    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 31: GAR KPI flow (Turnover)
% (compared to flow of total eligible 
assets)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Pro­
portion 
of total 
assets 
covered
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
ena­
bling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
ena­
bling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securi­
ties and equity instruments not HfT 
eligible for GAR calculation
95.30 %
17.61 %
95.30 %
17.61 %
85.06 %
2
Financial undertakings 
9.19 %
0.28 %
0.01 %
0.00 %
9.19 %
0.28 %
0.01 %
0.00 %
4.40 %
3
Credit institutions
9.19 %
0.28 %
0.01 %
0.00 %
9.19 %
0.28 %
0.01 %
0.00 %
4.40 %
4
Loans and advances
5
Debt securities, including UoP
9.19 %
0.28 %
0.01 %
0.00 %
9.19 %
0.28 %
0.01 %
0.00 %
4.40 %
6
Equity instruments
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
7
Other financial corporations
8
of which investment firms
9
Loans and advances
10
Debt securities, including UoP
11
Equity instruments
12
of which  management com­
panies
13
Loans and advances
14
Debt securities, including UoP
15
Equity instruments
16
of which insurance undertakings
17
Loans and advances
18
Debt securities, including UoP
19
Equity instruments
20
Non-financial undertakings
21
Loans and advances
22
Debt securities, including UoP
23
Equity instruments
24
Households
100.00 %
18.55 %
18.55 %
100.00 %
18.55 %
18.55 %
80.66 %
25
of which loans collateralised by 
residential immovable property
100.00 %
18.55 %
18.55 %
100.00 %
18.55 %
18.55 %
80.66 %
26
of which building renovation 
loans
27
of which motor vehicle loans
28
Local governments financing
29
Housing financing
30
Other local government financing
31
Collateral obtained by taking 
possession: residential and 
commercial immovable prop­
erties 
32
Total GAR assets
81.06 %
14.98 %
14.98 %
81.06 %
14.98 %
14.98 %
100.00 %

111    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 32: GAR KPI flow (CapEx)
% (compared to flow of total eligible 
assets)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Pro­
portion 
of total 
assets 
covered
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
enabling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
ena­
bling
Of 
which 
Use of 
Pro­
ceeds
Of 
which 
transi­
tional
Of 
which 
ena­
bling
GAR - Covered assets in both 
numerator and denominator
1
Loans and advances, debt securi­
ties and equity instruments not HfT 
eligible for GAR calculation
95.30 %
17.61 %
95.30 %
17.61 %
85.06 %
2
Financial undertakings 
9.19 %
0.28 %
0.01 %
0.00 %
9.19 %
0.28 %
0.01 %
0.00 %
4.40 %
3
Credit institutions
9.19 %
0.28 %
0.01 %
0.00 %
9.19 %
0.28 %
0.01 %
0.00 %
4.40 %
4
Loans and advances
5
Debt securities, including UoP
9.19 %
0.28 %
0.01 %
0.00 %
9.19 %
0.28 %
0.01 %
0.00 %
4.40 %
6
Equity instruments
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
7
Other financial corporations
8
of which investment firms
9
Loans and advances
10
Debt securities, including UoP
11
Equity instruments
12
of which  management com­
panies
13
Loans and advances
14
Debt securities, including UoP
15
Equity instruments
16
of which insurance undertakings
17
Loans and advances
18
Debt securities, including UoP
19
Equity instruments
20
Non-financial undertakings
21
Loans and advances
22
Debt securities, including UoP
23
Equity instruments
24
Households
100.00 %
18.55 %
18.55 %
100.00 %
18.55 %
18.55 %
80.66 %
25
of which loans collateralised by 
residential immovable property
100.00 %
18.55 %
18.55 %
100.00 %
18.55 %
18.55 %
80.66 %
26
of which building renovation 
loans
27
of which motor vehicle loans
28
Local governments financing
29
Housing financing
30
Other local government financing
31
Collateral obtained by taking 
possession: residential and 
commercial immovable prop­
erties 
32
Total GAR assets
81.06 %
14.98 %
14.98 %
81.06 %
14.98 %
14.98 %
100.00 %

112    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 33a: KPI off-balance-sheet exposures (Turnover, Stock)
Table 33b: KPI off-balance-sheet exposures (CapEx, Stock)
Table 34a: KPI off-balance-sheet exposures (Turnover, Flow)
Table 34b: KPI off-balance-sheet exposures (CapEx, Flow)
% (compared to flow of total eligible 
assets)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors (Tax­
onomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of which 
Use of 
Pro­
ceeds
Of which 
transi­
tional
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
transi­
tional
Of which 
enabling
1
Financial guarantees (FinGuar KPI)
2
Assets under management (AuM KPI)
% (compared to flow of total eligible assets)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-el­
igible)
Proportion of total covered assets funding 
taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding 
taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding 
taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding 
taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding 
taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered as­
sets funding taxonomy relevant 
sectors (Taxonomy-aligned)
Proportion of total covered as­
sets funding taxonomy relevant 
sectors (Taxonomy-aligned)
Proportion of total covered as­
sets funding taxonomy relevant 
sectors (Taxonomy-aligned)
Proportion of total covered as­
sets funding taxonomy relevant 
sectors (Taxonomy-aligned)
Proportion of total covered as­
sets funding taxonomy relevant 
sectors (Taxonomy-aligned)
Proportion of total covered assets funding 
taxonomy relevant sectors 
(Taxonomy-aligned)
Of which 
Use of 
Proceeds
Of which 
transi­
tional
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
enabling
Of which 
Use of 
Proceeds
Of which 
transi­
tional
Of which 
enabling
1
Financial guarantees (FinGuar KPI)
2
Assets under management (AuM KPI)
% (compared to flow of total eligible 
assets)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors (Tax­
onomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of which 
Use of 
Pro­
ceeds
Of which 
transi­
tional
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
transi­
tional
Of which 
enabling
1
Financial guarantees (FinGuar KPI)
2
Assets under management (AuM KPI)
% (compared to flow of total eligible 
assets)
Disclosure reference date T
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets 
funding taxonomy relevant sectors (Tax­
onomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-eligible)
Proportion of total covered assets funding taxono­
my relevant sectors (Taxonomy-eligible)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered 
assets funding taxonomy 
relevant sectors (Taxono­
my-aligned)
Proportion of total covered assets fund­
ing taxonomy relevant sectors 
(Taxonomy-aligned)
Of which 
Use of 
Pro­
ceeds
Of which 
transi­
tional
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
enabling
Of which 
Use of 
Pro­
ceeds
Of which 
transi­
tional
Of 
which 
ena­
bling
1
Financial guarantees (FinGuar KPI)
2
Assets under management (AuM KPI)
1. Institution shall dislcose in this template the KPIs for off-balance sheet exposures (financial guarantees and AuM) calculated based on the data disclosed in template 1, on covered assets, and by applying the formulas proposed in this template
2. Institutions shall duplicate this template to disclose stock and flow KPIs for off-balance sheet exposures

113    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 35: Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of 
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the 
fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations 
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as 
hydrogen production, as well as their safety upgrades, using best available technologies.
NO
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce 
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen 
production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities 
that produce electricity using fossil gaseous fuels.
NO
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined 
heat/cool and power generation facilities using fossil gaseous fuels.
NO
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 
generation facilities that produce heat/cool using fossil gaseous fuels.
NO
Process 
Storebrand is a retail bank. Loans are mainly residential 
mortgages with a smaller share of unsecured credit. 
Residential mortgages are one of the exposures covered 
by the taxonomy, while unsecured credits are not. 
The "Green Asset Ratio" (GAR) is the key KPI for banks. 
This is a fraction where taxonomy-aligned assets are 
counted and stated as a percentage of all assets covered 
by the taxonomy. For an asset to be included in the 
numerator (aligned "green" share), it must meet the criteria 
in the taxonomy relevant to the activity or asset on which it 
is reported. 
The Taxonomy Regulation has detailed criteria for 
classifying the various activities, but there are also 
outstanding clarifications regarding the assessment of 
these criteria, leaving some uncertainty. Pending further 
clarifications, Storebrand has made a conscious choice for 
our approach that seeks consistency with other methods 
in the industry and has a low risk of exaggerating the 
alignment rate in the face of uncertainty.
The key assumptions of the approach are relevant for the 
residential mortgage portfolio, with the taxonomy criteria 
distinguishing between buildings built before and after 31 
December 2020. 
Buildings built before 31 December 2020
•	 Significant contribution refers to being within the top 15 
percent of the national building stock. 
•	 The Norwegian Water Resources and Energy Directorate 
(NVE), on behalf of the the Ministry of Energy, has 
mapped the Norwegian building stock and published 
a proposal for threshold values for different types of 
housing. 
•	 The proposal roughly includes homes with an energy 
rating of A, B and some with a C.
•	 In the absence of approved values, Storebrand 
has received an assessment from a third party, 
Eiendomsverdi, for what qualifies as the top 15 percent. 
•	 We use this for our current taxonomy-alignment 
reporting, and will closely monitor any developments for 
future reporting. 
•	 Buildings exposed to significant physical risk are 
excluded from taxonomy-aligned reporting due to a lack 
of data to inform criteria for avoiding significant harm 
(DNSH criteria).
Buildings built after 31 December 2020
•	 	Significant contribution refers to the national 
interpretation of "Nearly Zero Energy Building" (NZEB). 
•	 	In Norway, an assessment guide was published in 2023, 
with a correction for the assessment of detached houses 
at the beginning of 2024.
•	 	While it is positive that the guidance is available, 
the threshold value for NZEB is based on fewer 
energy records than energy certificates from ENOVA. 
Consequently, we have used the estimation model from 
Eiendomsverdi to classify homes according to NZEB, as 
this allows for a comparison of energy records between 
homes and NZEB. 
•	 Buildings exposed to significant physical risk are 
excluded from taxonomy-aligned reporting due to a lack 
of data to inform criteria for avoiding significant harm 
(DNSH criteria).
 
Banking (continues)

114    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Methodology
As NVE's proposal for threshold values for the top 15 
per cent of the building stock has not yet been adopted, 
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 as ENOVA uses for housing. 
The model has several adjustment options, but requires 
as a minimum information about location (municipality), 
year of construction, type of building and area to estimate 
energy consumption.
Change in green share from previous years
The green share for 2024 is significantly higher than 2023. 
This is primarily due to:
•	 	Homes built after 31 December 2020 were in 2023 
not included in the green share under the criterion of 
meeting energy requirements for NZEB-10%. This 
means that there are homes that have been included 
in the green share for 2024 that were not disclosed as 
green the year before. 
•	 The approach and data at Eiendomsverdi have evolved 
with an updated methodology published in June 2024. 
Eiendomsverdi is continuously identifying new sources 
of data for their estimation model, resulting in updated 
predictions from the model, which Storebrand in turn 
makes use of. Storebrand observes that a larger green 
share is expected in 2024 than before.
•	 Strategic initiatives to improve energy performance and 
reduce climate risk for mortgages. Storebrand expects 
little effect from this so far, but will work strategically to 
increase the green share in the years to come.
Strategic monitoring of taxonomy reporting
Storebrand Bank has developed a sustainability strategy 
that addresses both financed emissions and taxonomy 
adjustment of the mortgage portfolio in parallel. There are 
in particular two strategic focus areas for the taxonomy:
1.	
Reduced CO2 emissions from mortgages (measured 
in CO2/m2). The main focus of the sustainability 
strategy for mortgages is to engage customers in 
profitable energy efficiency measures and making 
smart choices for improving their homes, which can 
result in higher taxonomy-alignment.
 
2.	
Stable or declining proportion of the portfolio exposed 
to climate risk. Storebrand will work on measures 
to reduce climate risk that can lead to enhanced 
taxonomy-alignment of mortgages according to 
criteria for avoiding significant harm (DNSH criteria).
Overview of assets and activities covered by the Taxonomy 
Regulation at Storebrand Bank:
Reported assets
Characteristics
Data and limitations
Investments in financial 
and non-financial 
companies
Targets: Investments in companies have the potential 
to contribute to the same taxonomy goals as the 
counterparty to which the company contributes. This will 
depend on the specific activities of the counterpart. 
 
Characteristics: 
Investments in enterprises that are reportable pursuant 
to the Taxonomy Regulation may be included in the green 
share to the extent that the enterprise has green activities. 
Storebrand relies on reporting from its counterparties to 
inform these investments.
Storebrand uses KPIs from its counterparties 
for our own reporting with the taxonomy.  The 
limitations associated with these KPIs will 
depend on the limitations of the counterparty. 
In addition, in some cases, multiple KPIs are 
available if they are not weighted between the 
different activities of a financial conglomerate 
or a mixed group. As counterparty KPIs were 
reported in 2023, they are usually not verified 
by an auditor. 
Loans secured in private 
homes
Targets: Mortgages have the potential to contribute to the 
goal of limiting climate change.
 
Characteristics:
Mortgages can be included in the green proportion if the 
home being financed is sufficiently energy efficient and 
is not vulnerable to physical climate risk (damage from 
weather and climate) without risk-reducing measures 
being identified.
There are challenges related to data 
availability that inform the energy efficiency 
of homes as many homes lack official energy 
certificates. Estimates are used as substitutes. 
 
Energy efficiency will also be assessed against 
national threshold values and indexed against 
the Norwegian housing stock. Unofficial 
threshold values and a lack of harmonisation 
of energy records have created challenges 
that can lead to minor misclassifications.
 
Physical risk is modelled for the most 
important risks, but Storebrand does not have 
data for all physical risks that may occur.
Assets that do not qualify 
for green share (non-
eligible)
Targets: Assets that are not covered by the taxonomy 
cannot contribute to any of the objectives of the 
Taxonomy Regulation.
Characteristics:
These assets consist primarily of derivatives, bond repo, 
deposits with central banks and investments in entities 
that are not required to report under CSRD.
For these assets (and corporate loans), only 
balance sheet values are reported.

115    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Real Estate – non-financial reporting
Table 36: Proportion of turnover, CapEx and OpEx  from products or services associated with 
Taxonomy-aligned economic activities (small table)
Proportion of turnover / Total turnover
Taxonomy-aligned per objective
Taxonomy-eligible by objective
CCM
35.50%
100.00%
CCA
0.00%
0.00%
WTR
0.00%
0.00%
CE
0.00%
0.00%
PPC
0.00%
0.00%
BIO
0.00%
0.00%
Proportion of CapEx / Total CapEx
Taxonomy-aligned per objective
Taxonomy-eligible by objective
CCM
70.81%
100.00%
CCA
0.00%
0.00%
WTR
0.00%
0.00%
CE
0.00%
0.00%
PPC
0.00%
0.00%
BIO
0.00%
0.00%
Proportion of OpEx / Total OpEx
Taxonomy-aligned per objective
Taxonomy-eligible by objective
CCM
33.30%
100.00%
CCA
0.00%
0.00%
WTR
0.00%
0.00%
CE
0.00%
0.00%
PPC
0.00%
0.00%
BIO
0.00%
0.00%

116    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 37: Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year N
2024
Substantial Contruibution Criteria
DNSH criteria
(‘Does Not Significantly Harm’)
Economic Activities (1)
Code (2)
Turnover (3)
Propotion of Turno­
ver year N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy 
(9)
Biodiversity and
ecosystems (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy 
(15)
Biodiversity (16)
Minimum Safeguards 
(17)
Proportion of
Taxonomy-
aligned (A.1.) or
-eligible (A.2.)
turnover, year N-1 
(18)
Category 
(enabling 
activity) (19)
Category 
(transitional 
activity) (20)
Text
NOK
%
Y;N;N/EL
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
7.7. Acquisition and
ownership of biuildings
CCM 7.7
737,564,093
35.50 %
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
737,564,093
35.50 %
35.50 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
Of which enabling
0
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
E
Of which transitional
0
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.7. Acquisition and
ownership of buildings
CCM 7.7
1,340,142,190
64.50 %
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Turnover of Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy-aligned activities) 
(A.2)
1,340,142,190
64.50 %
Turnover of Taxonomy-eligible
activities (A.1+A.2)
2,077,706,283
100.00 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities
0
0.00 %
Total (A+B)
2,077,706,283
100.00 %

117    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
2024
Substantial Contruibution Criteria
DNSH criteria
(‘Does Not Significantly Harm’)
Economic Activities (1)
Code (2)
CapEx (3)
Propotion of CapEx
year N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity and
ecosystems (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy 
(15)
Biodiversity (16)
Minimum Safeguards 
(17)
Proportion of
Taxonomy-
aligned (A.1.) or
-eligible (A.2.)
CapEx, year N-1 
(18)
Category 
(enabling 
activity) (19)
Category 
(transitional 
activity) (20)
Text
NOK
%
Y;N;N/EL
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
7.7. Acquisition and
ownership of biuildings
CCM 7.7
CCA 7.7
1,260,705,390
70.81 %
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
CapEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
1,260,705,390
70.81 %
70.81 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
Of which enabling
0
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
E
Of which transitional
0
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.7. Acquisition and
ownership of buildings
CCM 7.7
CCA 7.7
519,722,049
29.19 %
EL
EL
N/EL
N/EL
N/EL
N/EL
CapEx of Taxonomy-eligible but not environmentally sus­
tainable activities (not Taxonomy-aligned activities) (A.2)
519,722,049
29.19 %
CapEx of Taxonomy-eligible
activities (A.1+A.2)
1,780,427,439
100.00 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities
0
0.00 %
Total (A+B)
1,780,427,439
100.00 %
Table 38: Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year N

118    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
2024
Substantial Contruibution Criteria
DNSH criteria
(‘Does Not Significantly Harm’)
Economic Activities (1)
Code (2)
OpEx (3)
Propotion of OpEx
year N (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity and
ecosystems (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards 
(17)
Proportion of
Taxonomy-
aligned (A.1.) or
-eligible (A.2.)
OpEx, year N-1 
(18)
Category 
(enabling 
activity) (19)
Category 
(transitional 
activity) (20)
Text
NOK
%
Y;N;N/EL
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
7.7. Acquisition and
ownership of biuildings
CCM 7.7
CCA 7.7
16,188,068
33.30 %
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
OpEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
16,188,068
33.30 %
33.30 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
Of which enabling
0
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
E
Of which transitional
0
0.00 %
0.00 %
Y
Y
Y
Y
Y
Y
Y
T
A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
7.7. Acquisition and
ownership of buildings
CCM 7.7
CCA 7.7
32,430,812
66.70 %
EL
EL
N/EL
N/EL
N/EL
N/EL
OpEx of Taxonomy-eligible but not environmentally sus­
tainable activities (not Taxonomy-aligned activities) (A.2)
32,430,812
66.70 %
OpEx of Taxonomy-eligible
activities (A.1+A.2)
48,618,880
100.00 %
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities
0
0.00 %
Total (A+B)
48,618,880
100.00 %
Table 39: Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year N

119    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Table 40: Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of 
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the 
fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations 
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as 
hydrogen production, as well as their safety upgrades, using best available technologies.
NO
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce 
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen 
production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities 
that produce electricity using fossil gaseous fuels.
NO
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined 
heat/cool and power generation facilities using fossil gaseous fuels.
NO
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat 
generation facilities that produce heat/cool using fossil gaseous fuels.
NO
Process 
Approach and covered activities 
Through four non-financial real estate companies, pension 
funds are invested directly in real estate. The companies' 
economic activity is within the construction and real 
estate sector, and is considered to be fully covered by 
the taxonomy. As a result of clarifications in FAQs, we are 
reporting separately in 2024 on non-financial activities, 
which was not previously perceived to be relevant for 
Storebrand as a financial institution.
Economic activity 7.7 ‘Acquisition and ownership of 
buildings’ represents the activities of the real estate 
companies well. No other relevant activities have been 
identified during the reporting period. Activity 7.7 is 
defined under the objective climate change mitigation and 
therefore has the potential to contribute to this objective 
if associated criteria for the activity are met. Building 
measures mitigating physical climate risk are not reported 
under the taxonomy objective climate change adaptation, 
preventing double counting of financial figures. It is 
continuously assessed whether the above considerations 
remain valid, and whether additional activities or 
environmental objectives should be included. 
We use Celsia as a support tool. The platform helps 
us systematise the requirements, compile necessary 
documentation and display taxonomy results and data. 
For each building, we have assessed the technical 
requirements for taxonomy alignment in addition to the 
minimum social safeguards that underpin the entire real 
estate business. 
Taxonomy alignment assessment 
The reporting of taxonomy alignment for activity 7.7 
‘Acquisition and ownership of buildings’ includes 
compliance with criteria for significant contribution 
to climate change mitigation, no significant harm to 
climate change adaptation, and overarching minimum 
social safeguards. Out of a total property portfolio of 78 
buildings, 26 are Taxonomy-aligned. 
Significant contribution 
The main criterion for significant contribution is energy 
performance or primary energy demand, expressed 
through energy certificates with associated energy 
calculation. The criteria distinguish between buildings 
built before or after 31 December 2020, with authorities 
having established criteria for the latter. For buildings from 
before 31 December 2020, we assume that the top 15 
percent of the Norwegian building stock are EPC A and B 
buildings, with reference to NVE's proposal to the Ministry 
of Energy as of September 2022. The proposal states that 
in some cases, certain EPC C-buildings can be included 
in the 15 percent. However, this has not been used for the 
Norwegian portfolio. In Sweden, Fastighetsägarna has 
defined threshold values for the primary energy figure for 
the top 15 percent of buildings nationally, with properties 
having been screened against this. 
For buildings built after 31 December 2020, the 
requirement for nearly zero-energy buildings (NZEB) 
applies. In Norway, this is defined by KDD (Ministry 
of Local Government and Regional Development) in a 
guide, and in Sweden defined by energy rating C, which 
is the new-build requirement according to the Swedish 

120    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
National Board of Housing, Building and Planning 
(“Boverket”). The issuance of energy certificates with 
associated energy calculations is regulated and quality 
assured by the authorities in the two countries, and the 
certificates are obtained from official sources for each 
individual building. Furthermore, criteria beyond energy 
performance (i.e., air density /thermal integrity and GHG 
accounting) for buildings after 31 December 2020, are 
most often safeguarded and documented throughout the 
construction project, while energy-efficient operation is 
ensured and documented by the operational management 
organisations. The portfolios include two properties built 
after 31 December 2020, both of which are assessed to be 
in compliance with these requirements. 
Do No Significant Harm (climate change adaptation) 
A physical climate risk and vulnerability assessment has 
been conducted in line with the taxonomy (Appendix 
A) for all buildings. The assessments have been carried 
out by adviser Rambøll for Norwegian properties, and 
for the Swedish ones by the Swedish Meteorological 
Institute SMHI. The reports show that several properties 
are exposed to acute or chronic risks. However, risk and 
vulnerability analysis highlight that these are manageable, 
practically and economically in ongoing operations. 
No physical climate risks have been identified that are 
significant to the economic activity in the short or long 
term. Further climate adaptation measures are therefore 
not considered necessary, and the portfolios fulfil the 
requirement.
Minimum social safeguards
Our assessment of compliance with social minimum 
safeguards is based on the Final Report on Minimum 
Safeguards prepared by The Platform on Sustainable 
Finance. We work with and have established processes 
for human and labour rights, corruption, tax and fair 
competition. The company's safeguarding of human and 
labour rights, corruption, tax and fair competition is largely 
based on group-wide policies, procedures and systems. 
This includes, among other things, guidelines for risk 
management, whistleblowing, sustainable procurement, 
due diligence under the Norwegian Transparency Act, 
as well as regular training and raising of awareness 
regarding corruption, privacy, ethical rules, information 
security, money laundering and sustainability. Internal and 
external audits are carried out thematically according to a 
program established by management. In addition, we have 
specific measures to address an elevated risk associated 
with the distinctive nature of the real estate business. 
Among other things, particular attention is paid to our 
extensive procurement of goods and services in property 
management and development. 
Our operations are consistent with international guidelines 
and standards, including the UN Guiding Principles on 
Business and Human Rights, the OECD Guidelines for 
Multinational Enterprises, and the ILO's core conventions. 
Furthermore, neither the management of Storebrand 
Real Estate nor any of the real estate companies have 
been convicted or accused of violations of human rights, 
corruption, or tax and competition law. 
Accounting policy and KPI calculations 
Our assessment shows that 35.5 percent of the turnover, 
70.8 percent of CapEx and 33.3 percent of OpEx are 
taxonomy-aligned. The calculation of KPIs follows the 
definitions set out in Annex I of the Disclosure Delegated 
Act. 
Reconciliation with consolidated financial statements 
Real estate investments cannot be reconciled with 
consolidated financial statements. This follows from the 
fact that the investments consist of pension funds. 
For real estate, income or expenses are not included 
in the Storebrand Group's concept for income or 
operating expenses, but as net finance, as the real estate 
investments are investments for customer funds and net 
income is provided to customers and not to the pension 
company. Income and expenses for real estate are shown 
in note 24 to the financial statements. Note 24 includes all 
properties owned in 2024, while for Taxonomy reporting, 
only properties owned at year-end are included. An 
analysis has been carried out and concluded that it does 
not affect the figures significantly.
Turnover 
All turnover in the real estate companies is included in 
the denominator. This is rental income from the buildings, 
with the exception of about 8 MNOK (or about 10 per 
thousand) of other income such as gift cards at shopping 
centres. Taxonomy-aligned income (the numerator) is 
calculated as the income from the buildings, or parts of 
buildings, that meet the screening criteria. 
CapEx 
CapEx (the denominator) includes all additions to the 
properties including the purchase of new real estate. 
CapEx related to buildings or parts of buildings that meet 
the screening criteria constitutes the numerator in the 
calculation of Taxonomy alignment.
OpEx 
In the denominator, all OpEx is included in the portfolio, 
i.e. direct costs for daily operations, maintenance and 
repairs, to ensure the continuous functioning of the 
buildings. OpEx related to buildings or parts of buildings 
that meet the screening criteria constitutes the numerator 
in the calculation of Taxonomy alignment. 
Double-counting 
Since all real estate investments fit under activity 7.7 
‘Acquisition and ownership of buildings’ as defined under 
the objective climate change mitigation, and measures 
for climate change adaptation are not reported under the 
objective climate change adaptation, no activities are to 
be double-counted across environmental objectives or 
between activities.

121    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Climate change [ESRS E1]
Solid and ambitious climate action is crucial for Storebrand 
to achieve its vision of creating a” future to look forward to". 
As a provider of pension, savings, insurance and banking 
services to more than 55,000 corporate customers and 
2.2 million individual customers – and more than NOK 
1,400 billion in assets under management – Storebrand is 
a significant societal player in contributing to accelerating 
sustainable development. We do this through dialogue 
with authorities and companies and by having clear targets 
and measures in our own operations and for our products 
and services. 
Our greatest impact is as an asset owner and asset 
manager. We are committed to investing our customers' 
pension and savings efficiently and responsibly, helping 
them achieve greater financial security and financial 
wellness. We strive for the best possible risk-adjusted 
return for our customers in the long term and believe that 
systematic management of environmental, social and 
governance risks and opportunities will contribute to this. 
Impacts, risks and opportunities [SBM-3] 
Our double materiality analysis identifies (see section 
"Process for identifying and assessing material impacts, 
risks and opportunities" in "General information") climate 
change as one of the areas where the Group has the most 
significant impact. Climate change may also potentially 
have a substantial financial impact on Storebrand. As a 
comprehensive financial services group, we exert both an 
indirect impact through our products and services, and a 
direct impact through our own operations. Climate-related 
risks and opportunities primarily affect our products 
and services, whereas the risk associated with our own 
operations is considered low. 
Physical climate change could result in significant losses 
for our investment and insurance activities if not effectively 
managed. Transition risks, such as regulatory changes or 
market risks, may also impact Storebrand significantly.  It 
may reduce the demand for our products if they are not 
adapted, reducing the value of investments or properties, 
resulting in financial losses. The transition to a low-carbon 
society may also provide significant opportunities to adapt 
and develop new products.
Climate risk scenarios
Risk is assessed using three different scenarios developed 
by the Network for Greening the Financial System 
(NGFS)28). For climate risk, the short term is 1-3 years, in 
line with the financial plan, medium term is up to 2030, in 
line with the transition plan, and long term is 2050, in line 
with the target horizon for achieving net zero emissions. 
Storebrand's baseline scenario "Net Zero 2050" aligns 
with the Paris Agreement and is based on limiting global 
warming to 1.5 degrees through rapid and coordinated 
climate policy and technological innovation. This scenario 
entails relatively low transition risk, while the physical 
climate risk is considerably lower. Unfortunately, an orderly 
transition to net zero emissions seems unlikely. This 
increases the relevance of assessing risk in the other two 
scenarios. 
The scenario "Delayed Transition" will continue current 
emission levels until 2030, before drastic measures are 
implemented, limiting warming to below 2 degrees. This 
results in higher transition and physical climate risk in 
the medium term. The "Current Policies" scenario does 
not entail any new climate measures, with emissions 
increasing until 2080, with warming of 3 degrees or higher. 
This leads to large, irreversible climate change, with the 
greatest effect in the long term.
28)  NGFS Climate Scenarios for central banks and supervisors - Phase IV | Network for Greening the Financial System

122    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Topic
Description of material impacts, risks and opportunities
Climate change 
mitigation
Our activities as a financial group may indirectly impact the climate negatively through greenhouse gas emissions 
in our value chain and own operations. This includes financed emissions from investments, insurance portfolios 
and loans. There are also emissions related to our procurement of goods and services, claims settlements, energy 
consumption in our own offices, business travel and other internal activities.
We face transition risks such as increased carbon taxes, changing consumer preferences, regulatory changes and 
technological developments. These factors may affect the valuation of our investments and customers' ability to pay 
for our products and services.
Climate change 
adaptation
Physical risk is particularly important for non-life insurance, but also for banking and investments. Such risk includes 
damage from extreme weather events and other climate-related changes that may affect our customers and their 
assets.
Opportunities arise through new investment needs for the green transition. This includes development of new 
products and services adapted to a lower emissions society, as well as improved insurance pricing reflecting new 
risks and opportunities.
Physical climate risk also provides opportunities to reduce climate emissions through claims settlement and 
management of suppliers. By adapting to climate change and interacting with policy makers, partners and 
customers, the risk may be reduced and create new opportunities.
Interaction with strategy and business model
Sustainability is defined as a key factor in the Group's 
strategy and business plan. Storebrand has committed to 
net zero by 2050, which is established through a transition 
plan. Climate risk, both transition and physical risk, will 
impact us differently depending on scenarios. Our strategy 
and business plan may be affected depending on which 
climate scenario we adapt to. Storebrand’s base scenario 
is Net Zero 2050 and its associated risks. However, 
there is a high probability for other scenarios with higher 
transition risk and/or higher physical risk. An assessment 
of how well the strategy performs in the alternative 
scenarios "Delayed Transition" and "Current Policies" is 
therefore also made. 
Both alternative scenarios may differ in terms of negative 
effects on investments compared with the Net Zero 
scenario, but to a limited extent. Physical climate risk 
may result in a greater asset devaluation, especially in 
the "Current Policies" scenario. The risk can be mitigated 
by Storebrand's investment strategy of having a well-
diversified portfolio of equities and bonds. The robustness 
of the investment strategy is described in more detail 
below in the section "Climate risk for investments".
The greatest risk for non-life insurance is that physical 
climate change may become more severe than we 
currently expect. Storebrand’s strategy is to increase 
insurance premiums to counteract the increase in climate-
related claims. The robustness of the strategy is described 
in more detail below under the section "Climate risk for 
Storebrand Forsikring".
Financial effects and opportunities related to 
climate [E1-9]
Storebrand has assessed that climate risk is particularly 
relevant for investments, including real estate and non-life 
insurance.
Climate risk for investments
Transition risk 
Transition risk could impact investment returns both 
positively and negatively. Risk depends on the portfolio 
choices. With a rapid transition to net zero, fossil fuel 
companies may be particularly vulnerable to a devaluation. 
Companies benefiting from the transition, especially 
within renewable energy, may increase in value. If the 
transition is slow, the associated risks will change. 
The investment strategy of the life insurance companies 
and the targets in the transition plan contribute to 
Storebrand having a lower exposure to fossil companies 
and a higher exposure to climate-related solution 
companies than the broader market. The SPP portfolios 
are fossil free. This reduces the transition risk.
Company values might be affected both positively and 
negatively once the market changes its perception of 
the pace of the transition. The relative historical return 
between fossil fuel companies and solution companies 
indicates that in the period 2019-2020, the market gained 
increased confidence in a rapid transition. From 2021 and 
onwards, the market has become less confident about 
a rapid transition. Storebrand has defined two stress 
tests that include fossil fuel companies, climate-related 
solution companies and real estate. One scenario where 
investments in fossil fuel companies are stressed -50 
per cent, while solution companies are stressed +10 
percent, and real estate is stressed -5 per cent. Such 
a development can be linked to the Delayed transition 
scenario, where the risk materialises in the medium term, 
around 2030. The second transition scenario has the 
opposite effect, with solution companies being stressed 
-50 percent, while fossil fuel companies are stressed 
+10 percent. Real estate is not stressed in this scenario. 
Such a development can be linked to the scenario Current 
policies, with no new climate policies being introduced by 
authorities. 

123    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
One possible development is that, as the market's view 
of the transition shifts back and forth, we may see similar 
effects as in the two stress tests, but for different periods.
 
The stress tests display that both transition scenarios may 
lead to lower returns, but that the risk to the investment 
portfolio is limited. The Current policies scenario, with 
a slow transition, presents greatest risk, with close to 3 
per cent value reduction. This is because Storebrand has 
invested less in fossil fuel companies and more in solution 
companies compared to the market index. All SPP 
investments are fossil free. Most of the value decline may 
affect customers' returns. A greater risk for Storebrand 
will be the relative risk in relation to the broader market 
and competitors as this affects the competitiveness of 
asset management and occupational pensions. Given 
the investment adjustment, the relative risk in the form 
of negative deviations is highest in the ‘Current Policies’ 
scenario, where the transition is slow. 
Physical climate risk
Physical changes from climate change may also effect the 
value of our investments and the overall effect will most 
likely be negative. Physical climate risk is categorised into 
acute risk, such as torrential rain, and chronic risk, such as 
global warming. Acute climate risk may affect investments 
in the short term, while chronic climate risk is mainly 
long-term. The long-term climate risk is assessed as the 
greatest.
 
Storebrand has a well-diversified portfolio of equities and 
bonds, both geographically, by industry, and by individual 
companies. This mitigates the risk that certain regions, 
industries or companies will experience a decline in value 
as a result of climate change. However, climate change 
may lead to lower economic growth and affect companies' 
profitability on a broad basis, especially in the long term. 
If global warming or its consequences on society and 
companies become more severe than the market currently 
anticipates, it could lead to a depreciation in the value of  
Storebrand's investments. The likelihood of this occurring 
is greatest in the scenario ‘Current Policies’. 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
Share of total 
portfolio
Contribution to 
total return
Stress
Stocks
49.8 %
-10.0 %
-20 %
Bonds 
42.3 %
-0.8 %
-2 %
Property
5.8 %
-0.6 %
-10 %
Other
2.1 %
0.0 %
0 %
TOTAL
-11.4 %
The stress test shows an overall decline in value of about 
11 per cent. Most of this is related to defined contribution 
pensions and other unit-linked insurance. For guaranteed 
portfolios, the equity exposure is lower. 
The result has to be seen in the context of the fact that 
physical climate change and the market consequences 
associated with it are of a very long-term nature. In reality, 
the impact is likely to be felt in the form of a slightly lower 
return over several years, rather than an immediate fall 
in value. However, the financial market tends to price in 
relevant information. A stress test therefore quantifies 
that long-term consequences may also be considered 
immediately. There is a risk that physical climate risk over 
time may have significantly greater effects on society, 
companies and individuals than we currently envision. 
Both acute and chronic climate risk could make parts 
of the world uninhabitable and trigger global migration 
flows, which in turn could trigger widespread social unrest 
and, in worst case, wars. This is difficult to capture in a 
model or stress test based on the current world order. It is 
impossible for Storebrand to avoid such risk by adapting 
its investment strategy, but it underpins the importance of 
taking precautions. Storebrand's contribution is to follow 
the adopted transition plan and to be an active driving 
force towards the companies we are invested in.
Climate risk Storebrand Forsikring AS 
Storebrand Forsikring AS has conducted a stress test 
related to physical climate risk, based on climate data from 
the report "Climate in Norway in the year 2100" 31). The 
report highlights two areas that poses future challenges 
Stress test transition risk 29)
Equities/Bonds/Real Estate
Share of total portfolio
Delayed transition
Current policies
Contribution
Stress
Contribution
Stress
Fossil fuel companies 30)
3.3 %
-1.6 %
-50 %
+0.3 %
+10 %
Climate-related solution companies 
6.5 %
+0.6 %
+10 %
-3.2 %
-50 %
Real estate
5.8 %
-0.3 %
-5 %
0.0 %
0 %
TOTAL contribution on total return
-1.3 %
-2.9 %
29)  Includes investments for Storebrand Livsforsikring and SPP, mainly in customer portfolios. Includes funds managed by Storebrand Asset Management that are owned by other 
customers.
30)  Fossil fuel companies are as defined for PAI 1.4 in the SFDR, climate-related solution companies are investments in renewable energy. 
31)  https://klimaservicesenter.no/kss/rapporter/kin2100

124    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
for Norway: Changes in precipitation both in the form 
of increased annual precipitation and more periods of 
intense torrential rainfall, leading to stormwater and 
flooding problems, as well as rising sea levels. The data are 
dimensioned short-term precipitation (IVF), measuring 
precipitation 32)  in different parts of Norway. 
Storebrand Forsikring AS has the greatest exposure in and 
around the centre of Oslo, with the greatest loss potential 
in this area. The scenario shows a single climate event, 
and Storebrand Forsikring's gross cost associated with 
the climate scenario is estimated at NOK 179 million. 
Storebrand Forsikring has a reinsurance covering natural 
damage, where the deductible is expected to be NOK 
40 million. The reinsurance and reinstatement premium 
cost totals an estimated cost of NOK 60 million. Climate 
change increases the risk that events similar to those 
described in the scenario will occur more frequently. This 
is also the basis for pricing and reservations. In the current 
policies scenario, there is a risk that such incidents will 
occur more frequently. An additional effect is that the 
cost of reinsurance may increase. There is a risk that the 
consequences of climate change are underestimated. 
Consequently, the true risk, including a higher cost of 
reinsurance, is not accurately priced in.
Transition plan for climate change mitigation and 
adaptation [E1-1]
In 2024, the Group adopted a climate transition plan. It 
describes how we will contribute to achieving net zero 
emissions by 2050, our underlying assumptions and how 
the targets and actions affect our business. The plan sets 
guidelines for the Group's work on climate until 2030. 
The plan must be evaluated and adjusted regularly, 
for instance as a result of changing external or internal 
conditions. This will ensure that the plan is relevant and 
appropriate. The transition plan has been adopted by the 
Board of Directors and covers Storebrand Group and its 
subsidiaries. The boards at the subsidiary levels have also 
adopted separate transition plans for the subsidiaries.
The plan contains our climate targets and plans 
for achieving them – divided into own operations, 
investments, non-life insurance and banking. All targets 
and actions are highly dependent on external factors to 
succeed. The following five success factors are essential:
1.	 	Collaboration to achieve the targets: We use our 
position as an investor, social actor and financial 
services provider to influence governments and 
companies we invest in and work with.
2.	 	Government support for political measures and 
framework conditions: It is essential that the real 
economy moves towards the 1.5-degree trajectory, 
with authorities and regulatory bodies contributing 
with regulatory frameworks that make it favourable 
for the real economy to cut emissions in line with this 
pathway.
3.	 	Developments in technology and international 
markets: To succeed with the transition plan, we as 
a global diversified investor depend on technological 
advancements. 
4.	 Transparent communication: We emphasise 
the importance of creating trust through open 
communication and disclosures on our progressing 
towards the targets. 
5.	 Data availability and quality: Effectively reporting 
on our progress toward targets relies on good data 
coverage with high quality and consistent reporting 
standards.
The detailed prerequisites and dependencies are 
described in our full transition plan, which is published on 
our website 33). For a detailed overview of all targets and 
actions in the transition plan, see the section "Targets and 
actions" below.
Implementing various measures, following up 
and measuring progress can generally result in an 
increased need for resources, with associated financial 
consequences. Active ownership is a cost driver and will 
affect both the need for expertise and the capacity for 
company dialogue and voting. Increased active ownership 
is more resource-intensive than exclusions. 
Link to the taxonomy 
As of today, we integrate the EU Taxonomy by using it as 
a tool to identify solution companies, and in insurance 
for integrating and pricing climate risk in an appropriate 
manner. Storebrand aims to increase taxonomy alignment 
in the real estate portfolio. 
Locked-in GHG emissions
Locked-in GHG emissions occur when fossil-fuel based 
infrastructure or assets (existing or new), continue to 
be used, even though it is possible to replace them 
with low-emission alternatives. This delays or prevents 
the transition to such alternatives. This may include 
emissions from energy sources that are already in use, 
as well as emissions related to buildings, transportation, 
and industry. As we build new facilities or renew existing 
infrastructure, we can lock in GHG emissions for several 
years to come. Our current decisions therefore need to be 
long-term, to avoid exceeding our climate targets.
Within Storebrand's investment universe, there are 
some areas with a risk of locked-in GHG emissions. We 
consider the risk of locked-in emissions within real estate, 
infrastructure and private equity portfolios to be low. This 
is due to comprehensive ESG due diligence, the strategic 
focus of these portfolios, as well as systematic work with 
energy performance and suppliers in the real estate 
portfolio.
For our equity and bond investments, we consider the 
risk to be low to medium. Storebrand is exposed to 
companies whose assets may become stranded and/or 
result in locked-in GHG emissions. Our active ownership 
work aims to influence the investee companies to have 
credible transition plans and adjust capital expenditures 
towards a net zero target. We expect companies to assess 
and disclose the risk for stranded assets and locked-in 
GHG emissions, follow their sector paths towards net 
zero, and move away from carbon-intensive technology. 
32)  https://klimaservicesenter.no/kss/laer-mer/kraftig-nedbor 
33)  Sustainability library - Storebrand

125    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
This reduces the risk of exposure to new locked-in GHG 
emissions, even though the risk will always be present, 
given our broad investment universe. Storebrand is not 
excluded from the EU Paris-aligned benchmarks. 
Our approach [E1-2]
Strategy, governance and policies 
Roles and responsibilities within the Group's climate 
and sustainability work are defined by our policy for 
sustainability work, which is reviewed annually by both the 
Group’s Board of Directors and underlying subsidiaries’ 
boards.
The policy specifies that the Board of Directors reviews the 
Group's strategy for sustainability work, including climate, 
which sets the ambitions for our work as a corporate 
citizen, in products and services and in the Group’s own 
operations. The ambitions should address topics from the 
double materiality assessment, be forward-looking and 
support the Group's other strategy- and risk processes. 
The subsidiaries' sustainability work is guided by their 
own strategies for sustainability work, which must be 
consistent with the Group strategy, and in line with our 
double materiality assessment. See a detailed description 
of the policy (including responsibility for implementation 
of the work), in the chapter “Corporate governance” in 
section "Governance and control for sustainability". 
The policy covers all our business areas and set the 
framework for our comprehensive climate work. Further 
strategic work and transition plans adopted by the Board 
of the Directors of Storebrand ASA and all subsidiaries 
specify our climate ambitions and specific focus areas for 
investments, banking, insurance and own operations (see 
section “Targets and actions"). 
 
The most important targets will be monitored by the Board 
of Directors on an annual basis. Targets and measures in 
the plan are monitored through investment strategies, 
annual objectives and other corporate governance 
procedures in the Group and its respective subsidiaries. 
Targets for investments are followed up by Storebrand 
Livsforsikring, SPP and Storebrand Asset Management. 
Banking targets are monitored by Storebrand Bank, 
and targets for non-life insurance are monitored by 
Storebrand Forsikring. Targets for own operations are 
monitored regularly through existing corporate governance 
processes, and the Group's CFO area is responsible for 
ensuring the correct annual carbon allocation for our air 
travels. 
Sustainable investment policy
Our greatest climate impact is as an investor, and we 
have additional policies in this area. The policy outlines 
the overall framework for sustainable investments in 
Storebrand and applies to all investments in the Group, 
both as an asset owner and asset manager. It includes 
listed equities, fixed income funds, real estate, private 
equity, debt and infrastructure investments. The policy 
addresses four key sustainability themes: human rights, 
nature, deforestation and climate – providing overarching 
guidelines and principles for how we work with these 
topics in our investments. Detailed directions for our 
work on climate are specified in additional policies. 
The policy is anchored with the Board of Directors in 
Storebrand ASA and adopted by the Board of Storebrand 
Asset Management (SAM). The policy is available on our 
website.
Climate and exclusion policy for investments
Storebrand’s climate policy covers all investments and 
is a supporting document to the Storebrand Group 
Sustainable investment policy. It describes our approach 
to managing climate risks and opportunities, setting the 
overarching framework for our pathway towards net-zero 
emissions by 2050. It was revised in 2024 and describes 
our commitment to both climate change mitigation and 
adaptation. The policy outlines three key areas: asset-level 
emission reduction, financing the transition, and climate 
engagement.
Our climate commitments require governments to 
fulfil their commitments under the Paris Agreement. 
We also recognise the important role that biodiversity 
and ecosystems play in climate change mitigation and 
adaptation. The climate policy must therefore be seen in 
the context of our nature and deforestation policy. 
Storebrand has an exclusion policy for investments. The 
exclusion criteria related to climate are described in the 
section "Targets and actions" below.
The policies have been anchored in the Group’s Board 
of Directors and adopted by the Board of Directors at 
Storebrand Asset Management (SAM). 
The CEO of SAM shall set ambitions and criteria for 
sustainable investments in line with the Group's 
sustainability strategy and has an overall responsibility for 
sustainable investments. This includes preparing policies 
for sustainable investments and establishing principles for 
active ownership, with associated expectation documents 
and strategies. CEOs in our asset owner companies shall 
set ambitions and criteria for sustainable investments in 
line with the ambitions and goals in the Group's strategy 
for sustainability work, ensuring that these are included in 
investment strategies and mandates.
Our policies are available on our website. 34) 
34)  Sustainability library - Storebrand

126    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Targets and actions [E1-3, E1-4]
In our transition plan, we have defined targets, key actions 
and what we consider the most important decarbonisation 
levers to achieve the targets for our direct operations, 
investments, non-life insurance and banking. Overall, we 
consider these decarbonisation levers to be most material:
•	 Prioritise climate transition in dialogue with policy 
makers, active ownership, customer communication and 
supplier collaboration.
•	 Continue integrating decarbonisation into investment 
decisions and upscale solution investments.
•	 Ensure strong internal corporate governance and 
incentives for efficiency and consumption reduction.
•	 Continuously strengthen Storebrand's sustainability 
competence and further develop sustainability 
initiatives.
Storebrand's overall ambition is to contribute to achieving 
the Paris Agreement, in line with internationally recognised 
climate science. Our targets reflect this, with targets 
for our scope 1 and 2 emissions, as well as for relevant 
parts of our investment portfolios. In non-life insurance, 
circularity– with an emphasis on more efficient use of 
resources and materials – will be an important area of 
climate action.
The targets are monitored on an ongoing basis through 
corporate governance and by the Board of Directors on 
an annual basis (read more about this in "Our approach" 
and "Governance and control for sustainability" under 
“Corporate governance”). 
Contributions to achieve the targets
It is not possible to quantify exactly how much each 
decarbonisation lever will contribute towards the targets. 
However, below is an assessment of Storebrand’s ability to 
achieve the various decarbonisation levers, and the impact 
on target achievement if the measures are successful. 
The size of the bubble indicates the potential impact on 
society if the measures are successful.  
As a financial group, we do not currently consider 
operational costs or capital expenditure in line with 
Regulation EU 2021/2178 to be relevant. 
Below we present our climate-related targets, associated 
areas of action and status 35) per business area. 
Own 
operations
Non-life 
insurance
Bank
Investments
No.	 Decarbonisation lever
1	
Energy efficiency in offices
2	
Decarbonisation of the energy 	
	
mix (Norway & Sweden)
3	
Renewable energy in offices
4	
Fuel switch for Storebrand’s air 
travel
5	
Reduction in the use of air travel
6	
Decarbonisation of the supply 
chain
7	
Dialogue with suppliers
No.	 Decarbonisation lever
1	
Dialogue with suppliers
2	
Government dialogue
3	
Design of products and terms
4	
Dialogue with customers
5	
Decarbonisation of the value 	 	
	
chain
No.	 Decarbonisation lever
1	
Customer dialogue, information, 
and advice
2	
Pricing (incentive for efficiency)
3	
Government dialogue
No.	 Decarbonisation lever
1	
Active ownership (dialogue, voting, 
using investment alliances, develo­
ping sector-specific methods and 
guidance)
2	
Government dialogue
3	
Reallocations
4	
Exclusions
5	
Use of renewable energy in real 
estate
6	
Energy efficiency in buildings
7	
Decarbonisation of the electricity 	
	
mix in operating countries
1
2
3
4
5
6
7
0
1
2
3
4
5
6
0
1
2
3
4
5
6
Effect on target achievement if successful
Storebrand's ability to influence
1
2
3
4 5
0
1
2
3
4
5
6
0
1
2
3
4
5
6
Effect on target achievement if successful
Storebrand's ability to influence
1
2
3
4
5
6
7
0
1
2
3
4
5
6
0
1
2
3
4
5
6
Effect on target achievement if successful
Storebrand's ability to influence
1
2
3
0
1
2
3
4
5
6
0
1
2
3
4
5
6
Effect on target achievement if successful
Storebrand's ability to influence
35)  The data has been validated by the external auditor and not by any other external body.

127    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Own operations
Targets 
We have set targets until 2030, focusing on reducing our GHG emissions through measures within energy, waste, air 
travel and procurement.
Area
Definition
Scope
Method / 
Emission pathway
Decarbonisation 
levers
Status 
2024
2025 
targets
2030 
targets
Energy use, 
district 
heating/
cooling 
and own 
transport
Reduction of absolute scope 
1+2 emissions, location-based, 
with 2018 as the base year
1 & 2
SBTi's absolute 
reduction path - 
SBTi validated
Energy efficiency
Decarbonisation of the 
energy mix
-31 % 36)
-52 %
Electricity
Share of annual purchases of 
renewable electricity through 
guarantees of origin
2
SBTi Renewable 
Electricity Target – 
SBTi Validated
Renewable energy
100 %
100 %
Air travel
Reduction of absolute Scope 3 
greenhouse gas emissions from 
air travel, with 2019 as the base 
year
3
Absolute emission 
reduction
Reduction of 
consumption
Fuel change
-19.5 % 37)
-40 %
Waste
Recycling rate in Storebrand's 
own office locations
3
Recycling rate
Material efficiency 
and reduction of 
consumption
72 %
80 %
Procure­
ment
The volume-weighted 
proportion of suppliers with 
annual revenues at contract 
level above NOK 5 million must 
either a) set science-based 
targets in line with relevant 
industry standards or b) 
document that significant parts 
of the company's deliveries 
take place through circular 
measures. 38)
3
Signing of an 
agreement with 
a commitment to 
set science-based 
targets or implement 
circular measures, 
and follow-up 
Decarbonisation of the 
supply chain
Reducing material 
use through circular 
measures
Dialogue
21 %
80 %
Green 
bonds
Total nominal value of issued 
green bonds (MNOK).
Storebrand will contribute to a 
growing market for green bonds. 
We will follow the framework for 
green bonds that we currently 
have. This may be updated over 
time.
N/A
Green bond 
framework in 
line with ICMA's 
voluntary principles
Integrating 
decarbonisation into 
capital raising
16,316.6
N/A
36)  See our scope 1 and 2 emissions in the section "Climate accounting".
37)  See our scope 3 emissions from air travel in the section "Climate accounting".
38)  Since 2020, Storebrand has worked to ensure that suppliers sign a commitment to reduce their own emissions and compensate for what they are unable to reduce. The obligations 
have gradually been adjusted, so that the suppliers have different obligations. Volume-weighted by suppliers with annual revenues at contract level above NOK 5MNOK, 41 per cent 
of suppliers have committed to climate neutrality and 21 per cent to a business that is net zero by 2050 and to setting science-based targets. Both commitments entail measures that 
contribute to reducing emissions. The target for 2030 is that 80 per cent have committed to science-based targets or are implementing circular measures.

128    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Actions 
Energy usage and waste management
A working group monitors the targets for energy and 
water consumption, waste generation and recycling rates. 
The group meets quarterly and assesses improvement 
measures. Storebrand is committed to the annual 
purchase of 100 per cent renewable electricity until 2030. 
We reduce energy consumption through measures such 
as enhanced controls for water management and energy 
consumption, and reducing energy consumption during 
low activity periods.
Business travel
We aim to reduce absolute Scope 3 emissions from air 
travel in the period 2019-2030 by 40 per cent, through 
a combination of reduced traveling and purchasing  
biofuels. We will have a total carbon budget for the period, 
distributed among the business units. We updated our 
travel policy in 2024 to clarify Storebrand's approach to 
business travel, which shall be monitored regularly by 
all managers. The Group uses a tool that displays flights 
and emissions data to monitor the status. An internal 
carbon fee per tonne of CO2e emissions is charged to the 
departments when purchasing flights.
Suppliers
Our ambition is for suppliers to reach net-zero emissions 
from their own operations by 2050. Our goal is that at least 
80 per cent of our suppliers with an annual turnover above 
NOK 5 million (at contract level), sign a commitment 
to set either science-based targets in line with relevant 
industry standards, or document that significant parts 
of their deliveries to Storebrand contribute to our 
strategy of increased reuse and repair. Circular measures 
could include recycling of materials, reuse, repair and 
rehabilitation/improvement rather than the use of new 
materials. 
The supplier must report annually on the status, progress 
and measures taken to achieve the ambitions. For 
suppliers with a contract turnover of more than NOK 
10 million, we monitor the progress of commitments 
annually. Towards 2030, the aim is to extend monitoring 
to suppliers with a turnover of more than NOK 5 million. 
Monitoring is carried out through surveys, analysis of these 
and subsequent dialogue with suppliers. Suppliers with 
lower turnover at Storebrand are checked through annual 
spot checks.
Green bonds
Priority will be given to financing and raising capital for 
the Group through the issuance of bonds, including green 
bonds and sustainability-linked bonds. The Group's 
framework for green bonds is under consideration to be 
updated.
GHG emissions from Scope 1 + 2, 2018-2030 and 
targets for 2030, tCO2e

129    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Targets
Storebrand's investments are made through the asset 
manager Storebrand Asset Management (SAM), as well as 
in the life insurance companies Storebrand Livsforsikring 
AS (SBL) and SPP Pension & Försäkring AB (SPP). 
The transition to a low-emission society that considers 
nature, social conditions and international obligations and 
regulations entails both financial risk and opportunities 
for Storebrand as an investor, asset manager and pension 
provider.
The Group is committed to net zero greenhouse gas 
emissions from our investment portfolios by 2050 and 
in 2019 we co-founded the UN-initiated Net-Zero Asset 
Owner Alliance. Through this alliance, Storebrand, as an 
asset owner, commits to align its investment portfolios 
with the Paris Agreement, based on the best available 
scientific knowledge, and report regularly on progress. 
Storebrand Asset Management (SAM) is a member of the 
Net Zero Asset Manager Initiative.
We have set targets for the asset classes: Listed equities 
and corporate bonds, infrastructure, real estate and 
private equity. In cases where the life insurance companies 
SPP and SBL have other prerequisites to contribute 
to the Group's overall goals, they have goals that differ 
somewhat from those of SAM and the Group. The goals 
for 2030 are overarching and sub-goals can be added to 
these, for example for shorter time horizons or other asset 
classes. The table below summarises goals and associated 
measures.
39)  Emission reductions are calculated based on a market-adjusted baseline for portfolios based on 2018 against a corresponding updated and market-adjusted intensity.
Investments 
Asset class
Definition
Scope
Method / Emission 
Pathway
Decarbonisation 
levers
Status 
2024
2025 
targets
2030 
targets
Listed 
equities and 
corporate 
bonds
Reduction in emissions intensity (weighted 
average of emissions relative to company 
revenue) 39) from listed equities and corporate 
bonds, with 2018 as the base year.

The baseline figures for the emissions intensity 
calculations are based on data from our 
data provider. Based on SFDR's definition of 
Principle Adverse Impact Indicator 1.3 and 
TCFD definition. The total emissions intensity 
of the investments is the sum of the companies' 
emissions over the companies' 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 equities 
and bonds. 
3 (Com­
panies’ 
Scope 1 
& 2)
Emission intensity 
reduction, sub-target 
for NZAOA's 1.5-degree 
pathway, which 
recommends a 22-32% 
emission reduction for 
2025 and a 40-60% 
emission reduction for 
2030 (along with targets 
for active ownership and 
solution investments) / 1.5 
degrees
Active ownership 
(dialogue, voting, 
using investment 
alliances, 
developing 
sector-specific 
methods and 
guidance)

Government 
dialogue

Re-allocations
-58 %
-32 %
-60 %
Share of AuM in listed equities and corporate 
bonds that have set SBTi-validated targets.

The method reflects the latest SBTi guidance 
and methodologies available, enabling 
companies to set targets and achieve SBT 
validation. Storebrand expects continued 
methodology development and expanded 
sector guidance and for SBTi to have sufficient 
validation capacity to meet the target. 
3 (Com­
panies’ 
Scope 1, 
2 & 3)
SBTi's SBT Portfolio 
Coverage Method, based on 
Financial Sector Science-
Based Targets Guidance 
– SBTi-validated / 1.5 
degrees
Active ownership 
(dialogue, voting, 
using investment 
alliances, 
developing 
sector-specific 
methods and 
guidance)

Government 
dialogue

Re-allocations
31 %
 
42 
% by 
2027

130    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
40)  GHG emissions from direct property 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 the tenant's energy and water consumption as well as waste 
production. The carbon footprint is calculated in CEMAsys according to the GHG protocol (The Greenhouse Gas Protocol). The Nordic mix emission factor is the basis for calculating 
location-based emissions from electric power.
41)  See explanation of method in the section "Climate accounting".
42)  See explanation of method in the section "Climate accounting".  
43)  Emissions intensity for private equity will be included in the reporting from 2025.
Asset class
Definition
Scope
Method / Emission 
Pathway
Decarbonisation 
levers
Status 
2024
2025 
targets
2030 
targets
Real Estate
Reduction in emissions intensity (kgCO2e per 
m2) from real estate investments, location-
based, with 2018 as the base year 40)
3 (Prop­
erties’ 
Scope 
1-3)
Emission intensity 
reduction, sub-target 
for NZAOA's 1.5-degree 
pathway, recommending 
22-32% emission 
reduction for 2025 (along 
with targets for active 
ownership and solution 
investments) / 1.5 degrees
Use of renewable 
energy

Energy efficiency 
in buildings

Decarbonisation 
of the energy mix 
in countries of 
operation
-47 %
-32 %
 
Reduction in emissions intensity (kgCO2e per 
m2) from residential properties, market-based, 
with 2019 as the base year
3 (Prop­
erties’ 
Scope 1 
& 2)
Emission intensity 
reduction – SBTi Validated 
/ 1.5 degrees 41)
Use of renewable 
energy

Energy efficiency 
in buildings

Decarbonisation 
of the energy mix 
in countries of 
operation
0 %
 
-64 %
Reduction in emissions intensity (kgCO2e per 
m2) from commercial properties, market-
based, with 2019 as the base year
Emission intensity 
reduction – SBTi Validated 
/ 1.5 degrees 42)
+43.6 %
 
-71 %
Private Equity 
(PE)
Carbon intensity of PE portfolio does not 
exceed 60% of current listed index. 

The listed index used is the MSCI ACWI. The 
assumption is that the All Country World Index 
(ACWI) will decarbonise in line with the overall 
economy. As a result, emissions intensity will 
decrease further in absolute terms, even though 
the relative thresholds remain unchanged.

New commitments in high-emission sectors 
require improvement plans.
3 (Com­
panies’ 
Scope 1 
& 2)
Emission intensity 
reduction / N/A
Active ownership
N/A 43)
 
<60% 
of 
ACWI
Infrastructure
Share of infrastructure investments aligned with 
net-zero pathway.  

Investments in renewable energy, such as solar 
and wind, are considered aligned with net zero 
regardless of life cycle stage (development, 
construction, operation) due to current 
framework limitations on solution investments. 

Other assets must meet criteria in the Net Zero 
Investment Framework. Updates to frameworks 
may lead to adjustments here as well.
3 (Com­
panies’ 
Scope 
1, 2 and 
material 
3)
Net Zero Investment 
Framework / N/A
Active ownership
74 %
 
90 %

131    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
44)  Investments covered by dialogues with high emitters account for 28.6 per cent of total emissions from investments in 2024.
Asset class
Definition
Scope
Method / Emission 
Pathway
Decarbonisation 
levers
Status 
2024
2025 
targets
2030 
targets
Equities, 
Bonds, 
Infrastructure, 
Real Estate, 
Private Equity
Share of total assets invested in solutions within 
equities, bonds, infrastructure and real estate. 
Our long-term goal to 2030 will also include 
investments in solutions through private equity, 
which will be included from 2025. 

Equities and bonds
• Issuers with a minimum of 25% green 
revenues
• Issuers with at least 25% CapEx, operating 
expenses or revenues aligned with EU 
taxonomy
• Issuers with at least 25% revenues addressing 
SDGs
• Green, social, sustainable or sustainability-
linked bonds

Infrastructure
• Investments that contribute to an 
environmental or social objective, do not 
significantly harm any environmental or social 
objectives,  comply with minimum safeguards 
and follow good governance practices

Real Estate
• BREEAM or equivalent environmental 
certification

Private Equity
• Investments in sustainable solutions through 
Impact Fund vintages and 15% of each CIPE 
vintage
3
Custom method, based on 
sub-targets for NZAOA's 
1.5-degree pathway (along 
with targets for active 
ownership and emission 
intensity reduction) / 1.5 
degrees
Reallocations
16.2 %
15 %
20 %
Sector-
specific 
target: 
fossil fuel 
production 
and 
distribution
Share of SPP's invested capital in companies 
within GICS sector 10 - energy from coal, 
oil and gas, as well as other producers and 
distributors of fossil fuels.

Companies with more than 5% of their revenue 
from fossil fuel production or distribution 
are excluded across the asset classes listed 
equities, all bonds, infrastructure, private equity, 
real estate, and mortgages.

Exceptions are allowed for green bonds, where 
the entire GICS sector 10 is excluded, but the 
revenue threshold is 50% for other cases.

Potential Exceptions: Companies in the 
“utilities” sector 
undergoing a credible transition may be exempt 
from 
exclusion, though criteria for this will be 
developed in the 
future.
3
N/A
Exclusions
0 %
 
0 %
External funds
Share of the number of fund companies 
or management teams SPP works with in 
regular offerings that must have set a net-zero 
emissions target for investments. 

Targeting net-zero emissions by 2050, achieved 
by signing the NZAM initiative, setting Science-
Based Targets, or credibly demonstrating 
goals and measures aligned with these. At 
a minimum, this should cover scope 1&2 
emissions of the investment.
3 (Com­
panies’ 
Scope 1 
& 2)
Absolute emissions 
reduction / N/A
Dialogue

Reallocations
55.6 %
 
70 %
Active 
ownership
Prioritise dialogue with the companies with 
the highest emissions in Storebrand ASA's/
Storebrand Asset Management's investment 
portfolio. Up until and including 2025, the 20 
largest will be prioritised, and from 2026 until 
2030, the 30-50 largest will be prioritised.

Dialogue conducted directly or through 
alliances, via e.g. e-mail, phone, digital or 
physical meetings.
3
Custom method, based on 
sub-targets for NZAOA's 
1.5-degree pathway (along 
with targets for emissions 
intensity reduction and 
solution investments) / 1.5 
degrees
Active ownership 
(dialogue, voting, 
using investment 
alliances, 
developing 
sector-specific 
methods and 
guidance)
15 44)
20
30-50

132    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Actions 
Active ownership
By being an active owner, we as an investor can contribute 
to change in the economy. To achieve our goals, we 
collaborate with other investors through global initiatives 
and platforms. We participate in international investor 
coalitions to be able to exert greater influence in meetings 
with partners and investee companies, to set expectations 
for transition in line with international and our own 
commitments. Some of these initiatives are:
•	 	Climate Action 100+ (CA 100+)
•	 Finance for Biodiversity (FfB)
•	 Finance Sector Deforestation Action (FSDA)
•	 Institutional Investor Group on Climate Change (IGCC) 
•	 Investor Policy Dialogue on Deforestation (IPDD)
•	 	Nature Action 100 (NA 100)
•	 	Net Zero Asset Owner Alliance and Net Zero Asset 
Manager Initiative 
Until 2025, we prioritise dialogue with the 20 largest 
emitters in our investment portfolio. From 2026 to 2030, 
this will be extended to the 30-50 highest-emitting 
companies. We will assess the companies' ability to 
transition, by monitoring developments in emissions 
and whether climate targets are integrated into strategy, 
investment choices and reporting. We set expectations for 
companies in high-emission sectors that we consider to 
not adequately manage climate risk, based on data from 
the Transition Pathway Initiative, Climate Action 100+ 
and our own analyses. Expectations must be met within 
36 months. If we do not see sufficient progress, we will 
consider excluding the companies at the end of the period. 
Within alternative asset classes, we have defined the 
following priorities for our active ownership:
•	 Infrastructure: Dialogue with investment partners to 
ensure implementation of net zero strategies across 
sectors we invest in.
•	 Real estate: Dialogue with customers to establish 
mandates in line with the SBTi targets and any other 
scope 3 targets. The targets can be SBTi targets or 
supplementary targets that cover scope 3 and ensure a 
life-cycle perspective on emissions.
•	 Private Equity: Dialogue with General Partners in the 
event of significant incidents and improvement plans for 
high-emission companies. 
Reallocation and solutions
We will increase the share of investment capital in 
“solution” companies that significantly contribute 
to sustainable development goals, including climate 
solutions. We identify solution companies through in-
house developed analyses. The companies are included in 
a database that is updated regularly. The database is used 
by fund managers and serves as a basis for our investment 
portfolios. 
We aim to invest 15 per cent of assets under management 
in solutions by 2025 and increase this to 20 per cent by 
2030. The definition for solutions within different asset 
classes is found in the table above. 
At year-end 2024, 16.2 per cent of total assets were 
invested in solutions, up from 12.8 per cent in 2023.45)
Share of AuM in solution investments
6.5 %
9.6 %
11.2 %
12.4 % 12.8 %
16.2 %
20.0 %
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
15 %
Historical data
Estimatedsolutionsshare, in line with2030 target
2025 target
45)  Large increase from 2023 due to acquisition of AIP.

133    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Special measures for SBL and SPP
SBL has several active portfolio adjustments and actions 
that can be implemented to reduce carbon intensity, 
including increased investments in green bonds or carbon-
optimising equity mandates. The latter can be achieved by 
incorporating low-carbon optimisation into discretionary 
equity mandates, or by allocating more capital to low-
carbon footprint funds. 
SPP will continue to invest in funds that optimise their 
portfolio for CO2 emissions, incorporate CO2 data as a 
parameter when purchasing bonds, and conduct quarterly 
follow-ups. SPP will continue to invest in funds that use 
SBTi as a criterion for identifying portfolio companies. 
Furthermore, through investment policies and mandates, 
SPP excludes companies that derive more than five per 
cent of their revenues from the production or distribution 
of fossil fuels. 
SPP exclusively invests in equity funds that prioritize or 
focus entirely on solutions. SPP's real estate company, 
which forms a significant part of the portfolio, aims to have 
100 per cent environmentally certified real estate similar 
to SBL. The share of green bonds within the total interest-
bearing investments is monitored on a quarterly basis.
 
Exclusions
We aim to exclude companies that contribute significantly 
to environmental damage and climate change. We also 
exclude investments in companies with certain single 
product categories or industries that are associated with 
significant risks from societal, environmental or health-
related harm. In some of these product categories, there 
is limited scope to influence companies. These exclusions 
criteria include: 
•	 Companies with more than 5 per cent of their revenue 
from coal activities
•	 Companies with more than 5 per cent of their revenues 
from oil sands
•	 Companies that are involved in deforestation or 
conversion of native ecosystems through severe and/
or systematic unsustainable production of palm oil, soy, 
cattle, timber, cocoa, coffee, rubber and minerals 
•	 	Companies involved in deep-sea mining
•	 Mining operations that conduct direct marine or riverine 
tailings disposal 
•	 Companies involved in lobbying that deliberately and 
systematically work against international norms and 
conventions, such as the goals and targets enshrined 
in the Paris Agreement or the Global Biodiversity 
Framework 
•	 Companies that derive more than 5 percent of their 
revenues from drilling activities in the Arctic 
At the start of 2024, our formal exclusion list contained 
a total of 158 companies excluded for such issues, and a 
further 5 companies were excluded throughout the year. 

134    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Actions by asset class
Equities and bonds 
Our main strategies are active ownership and dialogue 
with the investee companies, and with the relevant 
authorities that set the framework for climate transition, as 
described above.
The target of 60 per cent reduction is ambitious and in 
line with the recommendation from NZAOA (40-60 per 
cent reduction 2019-2029). We have already carried out 
major reallocations to reach our current status of -58 per 
cent, see the sections "Reallocation and solutions" and 
"Exclusions" above. Contributing to a real impact means 
first and foremost working systematically with active 
ownership and influencing companies, not excluding them 
from the portfolio. We will reach the reduction targets 
through a combination of instruments: reallocation and 
active ownership (which can be a time-consuming and 
demanding task). Our targets must be realistic and in line 
with developments in the real economy in general – while 
also considering our customers.
The large reduction from 2023 is mainly explained 
by lower absolute emissions and higher revenues in 
companies. The weaker Norwegian krone (NOK) and 
inflation may have partly contributed to the reduction in 
2023 and 2024.
Real Estate
We work systematically to reduce energy consumption, 
phase out fossil energy sources and establish renewable 
energy production for buildings. In the period 2019 to 
2024, the energy intensity in the Norwegian and Swedish 
portfolios has been reduced by 23 per cent from 194 
kWh/m2 to 149 kWh/m2. This is six percentage points 
down from 2023, and a result of active energy and climate 
management, including operational optimisation, energy 
efficiency measures in maintenance, and climate-efficient 
solutions in construction projects and rehabilitation. 
 
GHG intensity Real Estate – Location-based
Base 
year*
2023
2024
Target 
2025
GHG intensity (kgCO2e 
per m2) from real estate 
investments, location-
based, Scope 1-3, 
Norway and Sweden
10.0
5.6
4.8
6.8
% change from base 
year
 
-44 %
-51 %
-32 %
* Base year 2018
 
 
 
 
In 2024, location-based emissions from our direct real 
estate investments in Norway and Sweden were 4.8 
kg CO2e per square meter, down 14 per cent from 5.6 
kg in 2023, and -51 per cent compared to the base 
year 2018. In addition to reduced energy consumption, 
lower electricity prices and thus less use of gas, as well 
as a slightly lower emission factor for electricity, have 
contributed to this. 
GHG Intensity Real Estate – SBTi Validated 
Targets
Base 
year*
2023
2024
Target 
2030
GHG intensity (kgCO2e 
per m2) from residential 
buildings, market-based, 
Scope 1-2, Norway, 
Sweden and Denmark
24.3
23.15
24.4
8.75
% change from base 
year
 
-5 %
0 %
-64 %
GHG intensity (kgCO2e 
per m2) from commercial 
buildings, market-based,  
Scope 1-2, Norway, 
Swden and Denmark
31.32
41.97
44.96
9.08
% change from base 
year
34 %
44 %
-71 %
* Base year 2019
 
 
 
 
Market-based emissions, according to our SBTi-validated 
targets of 64 per cent and 71 per cent reduction for 
residential and commercial buildings, respectively, have 
increased 7 per cent in 2024, and 33 per cent from the 
base year 2019. The market-based emission factor for 
electricity has almost doubled since 2019, while electricity 
accounts for three-quarters of total energy consumption. 
GHG emissions intensity from equities and 
bonds 2018-2024 and targets for 2030, 
tCO2e/MNOK
14.4
12.4
11.0
11.3
11.0
7.2
6.1
5.7
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
-58 %
-60 %

135    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
The purchase of guarantees of origin as a mechanism for 
reducing emissions has been used to a limited extent and 
has remained virtually unchanged during the period. A 
transition to location-based targets is being considered in 
2025.
For our Swedish portfolio, we conducted energy audits 
in 2024, to plan for energy and climate upgrades and 
improved EU Taxonomy alignment. The renovation of 
our 25-year-old building Filipstad Brygge 1A in Oslo 
last year, led to a 50 per cent reduction in annual energy 
consumption and related carbon emissions, energy label 
A and the achievement of BREEAM In-Use Excellent. Our 
acquisition in 2024 of Knud Holms gate 8 in Stavanger will 
contribute to reduced energy and carbon intensity for the 
portfolio, as the new building has energy label A.
Infrastructure
The strategic focus of Storebrand Infrastructure Fund is on 
investments that support the transition to net zero and we 
make investments within the themes of energy transition, 
decarbonisation and digitalisation. The investment 
assessment itself and ongoing follow-up/management will 
be prioritised in order to achieve the goal of 90 per cent of 
infrastructure investments being in line with the net-zero 
path by 2030. Storebrand will ensure that due diligence 
of an investment opportunity includes an assessment 
of measures and plans that ensure the investment is in 
line with a net-zero trajectory. If the risk of not reaching 
the net-zero trajectory within five years is significant, the 
investment case will be weakened.
In most investments, Storebrand will have a major 
impact on the underlying company/project through 
board appointments, either indirectly via the fund's 
investment partners or directly on the board. Storebrand 
will ensure, through ongoing dialogue with partners and/
or the company directly, that net-zero strategies are 
implemented and complied with.
The Storebrand Infrastructure Fund, which is still 
investing, ended 2024 with approximately 80 per cent 
investments across eight direct investments in sustainable 
assets in Europe and the US. From the end of 2024, all 
direct investments in the portfolio qualify as infrastructure 
solutions. The direct investment portfolio includes an 
onshore wind farm in the US, two offshore wind farms in 
Germany and the UK, a solar and battery storage project 
in the US, a district heating network in Norway and two 
investments in electric train sets in the UK. 
In 2024, we increased our ownership in AIP Management, 
a Danish infrastructure manager that invests in energy 
transition assets, from 10 per cent to 60 per cent. This 
gives us control over a well-established infrastructure 
platform, supporting our climate strategy. We expanded 
our investment portfolio by purchasing assets in one of the 
leading French independent power producers, Valorem. 
Storebrand has a 33 per cent stake in the company 
together with a consortium of partners, including AIP 
Management. Valorem specialises in the development, 
construction, and operation of onshore wind and solar 
assets.

136    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Private Equity
Storebrand's private equity investments are conducted by 
its wholly owned subsidiary and fund-of-fund manager, 
Cubera Private Equity. Our main strategy is based on 
a careful selection of funds based on due diligence of 
the fund manager, active ownership and dialogue with 
the companies in which we invest, as well as relevant 
authorities. Investments follow Storebrand's exclusion 
policy, limiting exposure to fossil assets. Our impact 
program has carbon reduction strategies and can build up 
exposure to climate solutions over time.
In-depth: Dialogue and active ownership
In 2024, 49 per cent of our engagement as an active 
owner concerned climate and the environment. 470 
engagements were aimed at Sustainable Development 
Goal 13 on climate change. 
Exercising our voting rights at general meetings is key to 
fulfilling our role as a responsible investor.  As of 2024, we 
included all oil and gas companies in the portfolio on our 
priority voting list, to ensure that we use our voting rights to 
support transition plans for this sector.
From 2024 onwards, we publish our voting decisions five 
days prior to the companies' general meetings. We do this 
for the sake of transparency, to give a clear signal effect 
to companies, and to maximise potential influences on 
other shareholders. All our voting activities are published 
on Storebrand's website. We voted on over 90 climate-
related proposals in 2024, urging companies to develop 
transition plans and set science-based targets in line with 
the 1.5°C target and net zero pathway. We continued our 
work to counter lobbying against the Paris Agreement, 
voting in favour of 11 shareholder proposals asking 
companies to be transparent about their lobbying on 
climate policy. 
Priority topics related to climate in 2024
Category
Description
Top emitters
We focus on the top emitter companies in our portfolios, as well as companies with significant direct and 
indirect exposure to climate risk. Dialogue is conducted at the C-suite level and through our participation in 
Climate Action 100+ and the Institutional Investors Group on Climate Change (IIGCC). 
Climate laggards
Using data from the Transition Pathway Initiative and Climate Action 100+, as well as our own data, we 
identify companies that are not ready for the transition to a low-carbon society. We raise concern directly with 
the company. Where we have an active position, this is flagged to the investment analyst who may engage 
with the company. If we do not see any significant improvements, we use our vote at the general meeting to 
influence.  
Climate change lobbying
Certain corporate interests, often represented by third-party organisations, may hinder political action 
aimed at mitigating the effects of climate change. We encourage companies to engage in transparent and 
accountable political engagement. We do this mainly through initiatives such as Climate Action 100+ or 
UNPRI SPRING, where SAM is part of the advisory committee. 

137    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Targets 
The greatest climate-related impact for our non-life 
insurance business is related to the use of materials in 
repairs after damage. The most important areas of action 
to reduce GHG emissions are therefore loss prevention 
and circular claims settlements. In 2024, we established 
strategies for both areas, with targets and ambitions.
Priority areas within loss prevention have been active 
advisory to our customers, having a clear voice in the 
public debate, and providing incentives for damage 
prevention.
In our circular claims settlements, we have worked to gain 
a comprehensive understanding of our environmental 
footprint (climate and materials). This allows us to 
systematically initiate actions in areas where the impact 
is greatest. We are continuously applying circular claims 
methods to new areas of our business.  
In our transition plan, ambitions and actions are 
designated along four strategic objectives: 
1.	 	To promote circular economy through products and 
services, and communicate this actively 
2.	 To reduce the number of claims through effective 
damage prevention.
3.	 To manage and price climate risk in a fair and appro­
priate way.
4.	 To map our emissions from claims settlements in 
order to implement effective measures in the most 
significant areas.
Within these areas, we have set ourselves the following 
ambitions. 
Area
Definition
Approach
Scope
Method 
/ Emis­
sion 
Pathway
Decarbonisa­
tion levers
Status 
2024
2025 
targets
2030 
targets
Circular economy
Share of 
components 
in motor 
claims 
settlement: 
Glass repair 
46)
- Comprehensive understanding of 
environmental footprint (climate and 
materials) to focus efforts where impact is 
greatest.
- Significant portions of settlements shifted 
from a linear to a circular economy.
- Projects with partners to develop circular 
business models accessible to others.
- Suppliers will set science-based targets or 
adopt reuse and repair solutions.
3
N/A Decarbonisa­
tion of the value 
chain
Dialogue with 
suppliers
Dialogue with 
authorities
36.7 %
38 %
35 %
Circular economy
Share of 
components 
in motor 
claims 
settlement: 
Plastic repair
- Comprehensive understanding of 
environmental footprint (climate and 
materials) to focus efforts where impact is 
greatest.
- Significant portions of settlements shifted 
from a linear to a circular economy.
- Projects with partners to develop circular 
business models accessible to others.
- Suppliers will set science-based targets or 
adopt reuse and repair solutions.
3
N/A Decarbonisa­
tion of the value 
chain
Dialogue with 
suppliers 
Dialogue with 
authorities
8.9 %
9 %
15 %
46)  We have previously reported on measures for the motor product in terms of the proportion of glass panes repaired and the proportion of used parts applied in car repairs. The re­
pair rate for glass damage to motor vehicles is measured by calculating the total number of stone chip repairs as a proportion of the total number of glass damages. We mainly measure 
laminated windscreens only. We originally had a target of 40 per cent by 2025, but see that the development of the vehicle fleet means that this will be difficult to achieve. We have 
adjusted this target to 38% in 2024 and to 35% for 2030. A downward adjustment is necessary because there are progressively fewer areas in modern cars that can be repaired due to 
the complex material composition and advanced control systems being integrated into the glass panes.
Non-life insurance

138    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Area
Definition
Approach
Scope
Method 
/ Emis­
sion 
Pathway
Decarbonisa­
tion levers
Status 
2024
2025 
targets
2030 
targets
Circular economy
Share of 
components 
in motor 
claims 
settlement: 
Steel/
aluminium
- Comprehensive understanding of 
environmental footprint (climate and 
materials) to focus efforts where impact is 
greatest.
- Significant portions of settlements shifted 
from a linear to a circular economy.
- Projects with partners to develop circular 
business models accessible to others.
- Suppliers will set science-based targets or 
adopt reuse and repair solutions.
3
N/A Decarbonisa­
tion of the value 
chain
Dialogue with 
suppliers 
Dialogue with 
authorities
17.2 %
17 %
20 %
Circular economy
Share of 
components 
in motor 
claims 
settlement: 
Used parts 
ratio 47)
- Comprehensive understanding of 
environmental footprint (climate and 
materials) to focus efforts where impact is 
greatest.
- Significant portions of settlements shifted 
from a linear to a circular economy.
- Projects with partners to develop circular 
business models accessible to others.
- Suppliers will set science-based targets or 
adopt reuse and repair solutions.
3
N/A Decarbonisa­
tion of the value 
chain
Dialogue with 
suppliers 
Dialogue with 
authorities
3.4 %
4 %
10 %
Loss prevention
Storebrand 
Forsikring 
aims to 
reduce the 
number 
of claims 
through loss 
prevention
- Prevention will reduce the frequency and 
scope of damages compared to a scenario 
without preventive measures.
- Prevention should contribute to profitable 
growth. Our work should make customers 
with good insurance risk aware of 
Storebrand as an insurance provider, choose 
Storebrand, and continue to be customers 
with us.
- Prevention will reinforce Storebrand’s 
leadership in sustainability, including within 
insurance.
3
N/A Product and 
terms design
Adaptation to 
the EU taxon­
omy
Customer 
dialogue
No. 2
N/A
Top 3 
in the 
industry 
for loss 
preven­
tion ac­
cording 
to EPSI
Climate risk
Storebrand 
Forsikring 
shall manage 
and price 
climate risk 
effectively and 
appropriately
- Climate risk will be thoroughly understood 
and priced into products. Climate risk 
models will be further developed based on 
insights.
- Products will be well-suited to climate risk
N/A
N/A Adaptation to 
the EU taxon­
omy
N/A
N/A
N/A
47)  The use of equivalent spare parts in damage repair of motor vehicles for cars and vans is calculated as the total cost of used spare parts compared to the total amount spent on 
spare parts.
Actions 
Promote circular economy through products and 
services 
Both loss prevention and circular claims settlements 
contribute to more circular material flows. The measures 
are not a direct answer to replacing today's fossil energy 
with renewable alternatives, but they do reduce the need 
for input factors (materials), lowering energy consumption.
Storebrand has worked with circular claims over 
time and established a circular strategy in 2024. The 
strategy facilitates circularity through products, supplier 
agreements, settlement practices and processes. 
Simultaneously, we must work effectively with customers 
to ensure that we provide quality information and manage 
expectations in line with increasingly circular practices. 
Our initiatives and activities:
•	 Storebrand will continue to demand high standards for 
responsible operations from our suppliers. More than 
90 per cent of repair shops have signed the Group's 
Supplier Declaration on Sustainability Commitments, in 
which we expect companies to work towards reaching 
net zero emissions by 2050 and set science-based 
targets. Expectations are followed up, and suppliers will 
be assessed and monitored on repair rates and reuse of 
parts specified in the objectives above.

139    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
•	 We will collaborate with suppliers to facilitate circular 
value chains. Among other things, we have collaborated 
with suppliers in car parts assembly to facilitate 
increased reuse of car parts. We have also collaborated 
with Miljø Norge and Jernia on distributing recycled fire 
extinguishers.
•	 We will continue to update terms and conditions to 
promote repair rather than new purchasing. We will 
also work through industry and relevant partners. An 
example is the extent of damage to the car before being 
replaced rather than repaired, which has increased from 
60 to 80 per cent. 
•	 We have a strategic partnership to assess material 
consumption and GHG emissions in motor vehicle claim 
settlements. This provides a better understanding of 
where the largest emissions occur, allowing us to identify 
and quantify reduction potential, as well as prioritise 
measures.
•	 We take initiative to share our work and methodology for 
calculating emissions in claims settlements in Finance 
Norway's working group for non-life insurance and 
sustainability. 
•	 We will continue to participate in the public debate, 
through industry organisations and government 
initiatives, to contribute to a circular transition.
Reduce the number of claims through loss prevention 
All claims are wasteful of resources. Post-damage, both 
new materials and energy are required, and waste is also 
generated. Non-life insurance's role is mainly to provide 
professional advice to customers to avoid future claims. 
Our understanding of risk and historical claims insight, 
allows us to provide professional advice on preventive 
measures. It is important that the advice reaches the 
customer at the right time, when the advice is valuable. It 
is difficult to quantify the effects of avoided claims due to 
good prevention measures. Our initiatives and activities 
include:
•	 Changing terms and conditions to motivate prevention, 
including climate adaptation for taxonomy requirements.
•	 Distribution of preventive advice through SMS, emails, 
marketing campaigns and other PR channels.
•	 	Offers within products and services to help the customer 
take care of their belongings, such as boat guard service 
(“Båtvakten”). 
•	 Storebrand will continue to use our voice to highlight 
the need for climate change adaptation, through 
communication activities, cooperation and dialogue with 
authorities.
Appropriately manage and price climate risk 
Storebrand is continuously working to understand, price 
and report on climate risk through data collection and 
integrating forward-looking climate risk into scenario and 
stress tests. Our overall risk picture is the starting point for 
which scenario analyses and stress tests are carried out. 
The most recent climate risk scenario was based on the 
portfolio being primarily in and around the centre of Oslo, 
and thus the greatest potential for loss in this area.
Climate risk assessments are carried out through the 
ORSA process. We use Geodata to assess forward-looking 
climate risk. This is actively used in our EU Taxonomy 
work, with the objective of contributing to climate change 
adaptation 48). 
Storebrand is working together with the industry to 
establish incentives and mechanisms that ensure climate-
related loss prevention. For example, we participate in 
a working group for climate change adaptation through 
Finance Norway, and contribute to the Knowledge Bank 
(“Kunnskapsbanken”), where damage data will be made 
available to municipalities for use in their planning. This 
provides better insight into how the municipalities should 
prioritise their infrastructure measures. Effective loss 
prevention at the societal level will result in lower climate-
related consequences for everyone who is not affected 
by natural damage. Similarly, the use of materials for 
reconstruction is reduced through effective prevention 
measures.
Mapping of emissions from claims settlements
We have started to establish climate accounting for 
claims settlements, with a baseline in 2023. The baseline 
is based on the product areas passenger vehicles and 
property, rooted in materiality, both in terms of portfolio 
size and assumed emission intensity. Passenger vehicles 
and property together account for about 80 per cent 
of the non-life premium volume. More products will be 
incorporated in the long term.
The figures illustrate that climate emissions from non-life 
insurance are significant. We have made calculations that 
show emissions related to insurance settlements for motor 
vehicles and property (including the entire supply chain of 
input factors), can amount to about 10,000 tonnes of CO2 
in total. Around half of this comes from the settlement 
of property-related products. A large proportion of 
the carbon footprint comes from the production of the 
materials used to repair damage. For average vehicle 
damage, materials can account for about 80 per cent 
of total emissions. This proves that loss prevention and 
damage limitation are effective measures to reduce CO2 
emissions. It also indicates that circular solutions work, 
because they reduce the need for (new) materials. Our 
ambition for the period 2025-2030 is to set emission 
targets and introduce measures to reduce emissions from 
claims settlements. In preparing for this, we have identified 
and quantified possible absolute emission reductions that 
account for claims-growth in our portfolio, as a result of 
commercial growth ambitions. We have included this in 
the projection of emissions 49). We also expect to be able 
to set a relative target for emissions from earned insurance 
premiums in the period between 2025-2030. 
48)  Read more about our EU Taxonomy work in UN Global Compact Norway's guide for restructuring plans (p. 26).
49)  Method: The emission calculation for the claims settlements for engine and real estate is based on the GHG Protocol Corporate Standard and the Corporate Value Chain Standard 
(Scope 3). Both access to data and data quality are limited, and assumptions are based on estimates that have been made where there is a lack of data. 
Today, we depend on our claims systems (DBS and MEPS) to have the necessary data, and one challenge is the lack of product-specific data related to the damage. It is also a limitation 
that the coding of injuries is different. 

140    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Targets
The key focus of the bank's sustainability work in 2024 has 
been establishing a transition plan for reaching climate 
goals, including identifying relevant focus areas, clarifying 
status, deciding on the level of ambition and objectives, 
and developing specific actions. For the bank, the 
following three focus areas have been identified.
Savings and investments
Within our savings and investment business, we will 
facilitate for customers to receive advice and information 
on GHG emissions and other sustainability-related 
characteristics associated with different portfolio choices. 
Further, how the portfolio's risk is expected to be affected 
by the choices, how to put together the most suitable 
portfolio based on customer preferences, as well as 
comparison of the portfolio's characteristics against 
industry standards.
GHG emissions from the mortgage portfolio
Through residential mortgages, Storebrand Bank finances 
homes for private customers, and thus emissions related 
to the homes' energy use. The purpose of the focus area is 
to contribute to reducing financed emissions (CO2e/m2/
year) in the residential mortgage portfolio.
Climate risk
We assess transition risk and physical risk in the 
residential mortgage portfolio. Transition risk will, for 
example, be linked to the new energy performance of 
buildings directive from EU, which sets requirements for 
increased energy efficiency in homes. This may come at 
a cost to our customers, which could affect their ability to 
repay and the valuation that serves as collateral for our 
loans. Physical risk is linked to more extreme weather 
that may affect the homes that are listed as collateral in 
our portfolio. This is mainly covered by the customer's 
insurance, but it may affect the customer's ability to pay. 
With these focus areas as a starting point, we have set 
ourselves the following approach and objectives.
50)  Scope 3 is not included due to limitations in the quality and availability of data.
Area
Description of 
objective
Definition
Scope
Method / 
Emission 
Pathway
Decarbonisation 
levers
Status 
2024
2025 
targets
2030 targets
Savings & 
Investing
Facilitate customers 
in making sustaina­
ble choices
Offer savings products and 
services that help custom­
ers make well-informed 
decisions on how to invest 
their savings, and increase 
knowledge on how sustain­
ability and savings can be 
connected, through engage­
ment, a good product range 
and advisory services. 
N/A
N/A
Customer dialogue, 
information and 
advisory services
N/A
N/A
N/A
Financed 
emissions of 
residential 
mortgages
Contribute to 
emissions intensity 
reduction (kgCO2/
m2) from the 
residential mortgage 
portfolio 
Mortgages for single-fam­
ily homes, semi-detached 
houses, townhouses, and 
apartments. Excluding other 
types of properties.
Excluding homes without 
emissions data. Unit of 
measurement for area: 
Gross floor area (BRA).
3 (Emis­
sions from 
exposure’s 
Scope 1 
and 2) 50)
Sectoral 
approach to 
decarbonisa­
tion (SDA), 
CRREM / 1.5 
degrees
Customer dialogue, 
advisory services 
and incentives for 
energy efficiency 
Include climate risk 
in the credit process
2.78 
kgCO2/
m2 
N/A
2.00 kgCO2e/
m2
This equals a 
reduction of 58 
% from baseline 
year 2023 with 
4.72 kgCO2e/
m2
Climate risk 
mortgages
Avoid unwanted 
changes in climate 
risk for the resi­
dential mortgage 
portfolio
Regularly assess the climate 
risk of the residential mort­
gage portfolio
N/A
Measure 
loans 
secured by 
collateral 
in various 
physical risk 
zones relative 
to the loan 
portfolio and 
the market / 
N/A
Climate risk man­
agement
N/A
N/A
N/A
Banking 

141    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
We have set an emissions reduction target for the 
residential mortgage portfolio until 2030, in line with a net 
zero by 2050 trajectory. We have used CRREM's 51) CO2 
emission pathway for Norwegian residential buildings. The 
2023 base value for the portfolio is 4.72 kg CO2e/m2/
year, slightly above CRREM's emission pathway for this 
year. To reach net zero emissions, the emission intensity 
must be reduced by 58 per cent by 2030 compared to 
base year 2023, corresponding to a level of 2.00 kg CO2e/
m2/year 52). 
Actions 
Savings and investments 
The measures are centred around engagement, product 
selection and advisory. We will regularly measure the 
effect on our savings and investment portfolios. We shall: 
•	 Engage customers via digital and serviced channels, to 
increase awareness of which indirect GHG emissions 
are associated with different portfolio choices. We 
want clients to have a basic understanding of how the 
portfolio's risk and return are expected to be affected 
by these choices, be able to compare different portfolio 
choices against each other, and to have sufficient insight 
into the sustainability considerations taken in various 
funds.
•	 Further develop the product range within existing and 
new individual funds and fund packages, focusing on 
sustainability-related characteristics.
•	 Contribute to product development at our fund 
producers, based on knowledge we acquire from our 
own distribution.
•	 Within advisory in both serviced and digital channels, 
inform and advise the customer about sustainability in 
a simple and understandable way. This includes how 
sustainability can affect both portfolio risk and return, as 
well as how the portfolio characteristics are compared 
to an industry standard. We will put together portfolios 
based on the customer's preferences. In 2024, 
Storebrand launched a new module in Kron for mapping 
customers' sustainability preferences, and work has 
been done on further development of product ranges 
and fund packages with sustainability-related features. 
•	 Ensure that employees have enough expertise to provide 
high-quality advice on climate and sustainability-related 
matters. In 2024, the topic of sustainability received 
increased focus in the curriculum for advisers within 
private banking.
Residential mortgage portfolio
To reduce climate emissions from the residential mortgage 
portfolio in line with our target, we have three key actions: 
•	 Measuring and reporting CO2e/m2: An ongoing 
measurement of CO2e/m2 and how this develops 
compared to CRREM's emission pathway is established.
•	 Include climate change as part of the credit 
process: Energy efficiency and climate risk exposure is 
considered in the granting of credit and in the bank's risk 
management.
•	 Raise awareness and facilitate profitable energy 
efficiency: We want to engage customers in profitable 
energy efficiency. We do this, among other things, 
by further developing and reviving existing and new 
measures: Through the product Mortgage Future 
(“Boliglån Fremtid”), we offer advice on energy 
efficiency, collaboration with the “Huseierne” on 
Environmental Measure Loans, as well as specific advice 
through the service My Home (“Min Bolig”) on profitable 
energy efficiency for a given building age.  As emissions 
derive from our customers' energy consumption, we 
are dependent on customers implementing energy 
efficiency measures and choosing homes with good 
EPCs and low energy consumption, and hence low 
emissions. Therefore, we want to motivate, inform and 
engage our customers in purchasing decisions and in 
implementing energy efficiency measures. In 2024, a 
new lending product, Green Mortgage, was launched for 
homes with energy ratings A and B.
Climate risk
We aim to prevent the overrepresentation of climate risk in 
the residential mortgage portfolio, and have implemented 
measures to monitor developments. The risk assessment 
process (for mortgages) will continue to develop climate 
risk integration and regularly reassess further needs in the 
risk assessment.
51)  CRREM – Carbon Risk Real Estate Monitor: https://www.crrem.org/ 
52)  Calculation of base year, historical values and emission intensity targets covers all dwellings in the portfolio, including detached houses, semi-detached houses, terraced houses 
and flats in the portfolio. Other types of mortgages, such as holiday homes, separate garages and undeveloped plots are excluded. For Storebrand Banking, financed emissions belong 
to Scope 3 and in the calculation we have included emissions from the exposure's Scope 1 and 2. Exposure Scope 3 is not included due to limitations in data quality and availability. 
The emission intensity is calculated by using a combination of the home's energy label (https://www.enova.no/energimerking/om-energimerkeordningen/om-energiattesten/karakter­
skalaen/), national statistics for the energy mix in Norwegian homes, location-based emission factors for the relevant energy source and the home's area where we have used utility floor 
space (BRA). In cases where an energy label is not available, this is either estimated by using property-specific data or a value for the portfolio's average emissions where data for the 
property is not sufficient.

142    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Method
The calculation of our GHG emissions follow the Corporate 
Accounting and Reporting Standard, formalised by the 
Greenhouse Gas Protocol Initiative (GHG Protocol). For 
the calculation of financed emissions, we refer to PCAF 
and follow the definition in the Sustainable Finance 
Disclosure Regulation (SFDR). The GHG Protocol divides 
emissions into three categories:
•	 	Scope 1 includes all direct emission sources owned or 
controlled by the organisation. Storebrand reports on 
emissions from gas fireplaces. Emissions from diesel 
cars are no longer relevant. 
•	 Scope 2 includes indirect emissions related to 
purchased energy, such as electricity and heating/
cooling. Storebrand reports on electricity and district 
heating and cooling in our offices.
•	 Scope 3 includes indirect emissions resulting from 
activities in the value chain (upstream and downstream). 
Storebrand reports on our most significant emissions, 
which are financed emissions from investments in listed 
equities, corporate bonds and real estate, as well as 
financed emissions from Storebrand Bank's lending. 
We also report on emissions from business travel, 
waste from our office operations, and the use of cloud 
computing and data centre services (a subcategory of 
purchased goods and services). See overview below 
with for which Scope-3 categories are included or 
excluded in the Group's GHG inventory.
Category 
Material for 
the Group
Justification
1. Purchased goods and services 
No
The category is not considered material in relation to total emissions for the 
Group, but is material in non-life insurance. Therefore, work is now being done 
to prepare a climate and material account through suppliers in the claims 
settlement. This will be reported in the long term. Furthermore, subcategory 1.1 
is considered material and is included in the inventory. 
1.1 Cloud computing and data centre 
services 
Yes
An important part of the services we provide across the Group and thus 
becomes a material subcategory of purchased goods and services. Includes IT 
hardware, software, data servers and telecom.  
2. Capital goods
No
The category is not considered material in relation to total emissions.
3. Fuel and energy-related activities (not 
included in Scope 1 or Scope 2) 
Nei
The category is not considered material in relation to total emissions.
4. Upstream transportation and distribution 
No
The category is not relevant due to our business model.
5. Waste generated in operations 
Yes
We generate waste in our own operations. Considered as an area we can 
influence. 
6. Business travel
Yes
Business travel is an important part of our business. Accounts for a large share 
of emissions related to own operations.
7. Employee Commuting 
No
The category is not considered material in relation to total emissions.
8. Upstream and leased assets 
No
The category is not relevant due to our business model.
9. Downstream transport and distribution
No
The category is not relevant due to our business model.
10. Processing of sold products 
No
The category is not relevant due to our business model.
11. Use of sold products 
No
The category is not relevant due to our business model.
12. End-of-life processing of sold products  
No
The category is not relevant due to our business model.
13. Downstream leased assets 
No
The category is not relevant due to our business model.
14. Franchises 
No
The category is not relevant due to our business model.
15. Investments 
Yes
Our most significant Scope 3 category as a financial player. Includes Scope 1-2 
for our investments in equities, bonds, real estate, and residential mortgage 
portfolio.
15.1 Equity investments 
Yes
Investments subcategory
15.2 Bond investments 
Yes
Investments subcategory
15.3 Real estate investments 
Yes
Investments subcategory
15.4 Residential mortgage portfolio
Yes
Investments subcategory
Scope 3 categories 
Climate accounting [E1-6] 

143    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Climate accounting 2024
Base 
year 
Emissions 
in base year 
2023  
2024
% change 
from 
previous 
years 
Milestones and target 
years
2025 
2030 
Scope 1 GHG emissions 
Gross Scope 1 GHG emissions (tCO2e) 
2018
5.3
7.3
8.0
10 %
-
2.5
Percent of Scope 1 GHG emissions from 
regulated ETS (%)
0
0
0
0 %
 
 
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions 
(tCO2e) 
2018
227
150
152
1 %
-
108.8
Gross market-based Scope 2 GHG emissions 
(tCO2e) 
-
-
47
43
-8 %
-
-
Scope 3 GHG emissions
Total Gross Indirect (Scope 3) GHG 
Emissions (tCO2e) 53)
-
-
2,601,565
2,584,549
-1 %
-
-
1. Purchased goods and services 
-
-
-
5,562
-
-
-
1.1 Cloud computing and data centre services 54)  
-
-
-
5,562
-
-
-
2. Capital goods
-
-
-
-
-
-
-
3. Fuel and energy-related activities (not included in 
Scope 1 or Scope 2) 
-
-
-
-
-
-
-
4. Upstream transportation and distribution 
-
-
-
-
-
-
-
5. Waste generated in operations 
-
-
18
16
-12 %
-
-
6. Business travel
-
-
1,206
1,331
10 %
-
-
6.1 Air travel
2019
1,602
1,182
1,290
9 %
-
961
7. Employee Commuting 
-
-
-
-
-
-
-
8. Upstream and leased assets 
-
-
-
-
-
-
-
9. Downstream transport 
-
-
-
-
-
-
-
10. Processing of sold products 
-
-
-
-
-
-
-
11. Use of Products Sold
-
-
-
-
-
-
-
12. End-of-life processing of sold products  
-
-
-
-
-
-
-
13. Downstream leased assets 
-
-
-
-
-
-
-
14. Franchises 
-
-
-
-
-
-
-
15. Investments (location-based) (scope 1-2)
-
-
2,600,341 
2,577,641 
-1 %
15.1 Equity investments (scope 1-2) 55)
2018
3,715,142 
2,299,432 
2,163,798 
-6 %
15.1 Equity investments (scope 3)  
-
-
-
27,233,069 
-
15.2 Bond investments (scope 1-2)
2018
635,163 
264,822 
380,906 
44 %
15.2 Fixed-income investments (scope 3) 56)
-
-
-
3,259,272 
-
15.3 Real estate investments (scope 1-2)
2019
25,843 
28,948
27,946
-3 %
15.4 Residential mortgage portfolio (scope 1-2)
2023
7,139
7,139
4,991
-30 %
Total GHG emissions
Total GHG emissions (location-based) (tCO2e) 
-
-
2,601,723 
2,584,709 
-1 %
Total GHG emissions (market-based) (tCO2e) 
-
-
2,601,572 
2,584,600 
-1 %
53)  2023 figures do not include emissions from category 1, as this was calculated for the first time in 2024.
54)  This includes emissions from IT hardware, software, computer servers and telecoms.
55)  Not included in total emissions.
56)  Not included in total emissions.

144    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
  GHG intensity per net revenue
2024
Net revenue* (MNOK)
12,714
Total GHG emissions (location-based) per net 
revenue (tCO2e/MNOK)
203.3
Total GHG emissions (market-based) per net 
revenue (tCO2e/MNOK)
203.3
*Figures for net revenue come from the income statement of Storebrand Group. Note 14, 
15, 16, 17, 24 and 38 are included. See income statement for a more detailed overview.   
Calculation methods and data sources
Below we detail the approach, calculation methods and 
data sources for the different categories in the climate 
accounting. 
Scope 1
Storebrand has very limited direct emissions. Scope 
1 includes estimated emissions from the use of gas 
fireplaces at Lysaker Park. The calculation is based on the 
purchase of gas (kg) and emission factor from DEFRA 
(2024). Previously, diesel consumption was included in 
Scope 1. Storebrand sold its last diesel car in May 2023 
and has since had no consumption of diesel fuel.
Scope 2 (energy) 
•	 Scope 2 is based on energy consumption from own 
office locations (14 locations). Electricity, district heating 
and cooling are included. 
•	 In Norway, there are 7 locations. For Norway, emission 
figures are based on direct consumption from Lysaker 
Park and Bergen. Estimates for the other locations are 
based on figures from Lysaker and respective area 
(square meters) for the other locations.
•	 	In Sweden, there are 6 locations. Emissions are based on 
direct consumption data from Stockholm and Linköping. 
Estimates for the other locations are based on figures 
from Stockholm and square metres (sqm) for the other 
locations.
•	 Emissions from the Copenhagen office are estimated 
based on figures from Lysaker and sqm.  
•	 Emission factors: For electricity, the IEA's Electricity 
Nordic Mix (2024) is used. For district heating and 
cooling, regional factors are used across the Nordic 
region from, among others, Fjernkontrollen (2024) and 
Energiföretagen (2024). 
•	 Storebrand purchases 100 per cent renewable 
electricity for its own locations in the Group. 
Scope 3 - own operations
•	 Purchased goods and services (IT hardware, software, 
computer servers, and telecom): includes IT hardware 
such as PCs, mobile phones, and small electronics. 
Hardware is primarily product-based, based on the 
number of products and emission figures from the 
supplier. Some product categories are spend-based. 
Software, computer servers and telecom are spend-
based. Emission factors are taken from various sources 
– supplier-specific, Ecoinvent, EPA (2024), and DEFRA 
(2024).      
•	 Waste: Emissions are based on collected or estimated 
amounts of waste from our locations. Direct figures 
for Lysaker, Bergen, Stockholm, and Linköping. The 
remaining locations are estimated based on sqm. 6 
different waste categories are included – residual waste, 
paper, glass, metal, organic waste, and electronic waste. 
Emission factors from DEFRA. 
•	 	Business travel: Emissions from car travel, taxis, flights and 
trains are included. In the case of emissions from cars, the 
data source is Zalaris and the calculation is based on driving 
allowance. Divided into fossil and electric cars. Emissions 
from taxis are based on estimates of distance and emission 
factor from Cemasys. Emissions related to air travel are 
primarily calculated with emissions per flight distance (leg) 
through the system of our travel agency Egencia – based on 
the DEFRA method. Also includes travel outside of Egencia 
for Cubera, SKAGEN and PM. These figures are estimated 
using emissions figures from Egencia or myclimate. 
Emissions from rail travel are based on the number of 
kilometres provided by Egencia and SJ, with emission 
factors from CEMAsys.  
Scope 3 – financed emissions
•	 Equity and bond investments: We use emissions data 
from the data suppliers S&P Global Trucost, Nordic 
Trustee and Sustainalytics. Based on tonnes of CO2e for 
Scope 1-2. A company's carbon emissions are distributed 
over a company's enterprise value and multiplied by our 
ownership. This KPI is based on SFDR's definition of the 
Principle Adverse Impact Indicator (PAI) 1.1. 
•	 Real estate investments: Includes greenhouse gas 
emissions from direct real estate investments, total 
tonnes of CO2e. Scope 1-2 CO2 emissions from direct 
real estate investments in residential and commercial 
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. For Denmark, area-based emission factors from 
the PCAF (Partnership for Carbon Accounting Financials) 
database are used, which are fixed for 2019 – 2024. For 
other portfolios, the Nordic mix emission factor is used for 
calculating location-based emissions from electric power 
and a residual mix for calculating market-based emissions 
from electric power.   
•	 Financed emissions from the residential mortgage portfolio: 
Covers all dwellings in the portfolio, including detached 
houses, semi-detached houses, terraced houses and 
flats in the portfolio. Other types of mortgages, such as 
holiday homes, separate garages and undeveloped plots 
are excluded. The calculation includes emissions from 
the exposure's Scope 1 and 2. Based on a combination 
of the home's EPC, national statistics for the energy mix 
in Norwegian homes, location-based emission factors 
for relevant energy sources. In cases where an EPC is not 
available, this is either estimated by using property-specific 
data or a value for the portfolio's average emissions for 
cases property data is not sufficient. Where floor area is 
not available, we have estimated based on average values 
from Statistics Norway for different types of housing. From 
2023 to 2024, the location-based emission factor for the 
Norwegian energy mix has been reduced by 21 per cent 
from 19 to 15 gCO2e/kWh. The emission factor for district 
heating has been changed from a general value of 231 
gCO2 to a location-specific one, which for Storebrand 's 
mortgage portfolio has resulted in a significant reduction in 
estimated emissions. We are seeing an increase in energy 
consumption and the number of square meters in the 
portfolio.

145    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
GHG removals and GHG mitigation projects 
financed through carbon credits [E1-7]
Storebrand compensates for emissions from air travel 
by purchasing carbon credits. We recognise that carbon 
credits alone will not solve the climate crisis. Therefore, 
our main strategy is to reduce our own emissions, before 
we neutralise any remaining emissions through such 
projects. Our purchase of carbon credits is not verified by 
a third party, but we purchase this through the provider 
Klimate, which conducts due diligence on the projects we 
invest in. 57) This includes the collection and assessment 
of over 300 data points covering climate impact, integrity, 
scope and implementation, and co-benefits such as 
biodiversity and local community benefits. All projects 
meet high-quality standards. 58)
The carbon credits come exclusively from carbon 
removal projects, either through biogenic projects such 
as afforestation and soil improvement, or technological 
solutions such as direct air capture and geological storage. 
This approach is in line with the principles of the Oxford 
Offsetting Principles and helps ensure that our climate 
efforts are robust, traceable and future-proof.
In 2024, we supported projects equivalent to 1,334 
tonnes of CO2 equivalents, broken down as follows:
•	 Biogenic carbon removals: 1,334 tonnes of CO2e
•	 Technological carbon removals: 0 tonnes CO2e
The tables below provide a detailed breakdown of carbon 
credits cancelled in the reporting year and our plans for 
future cancellations.
In addition, we have purchased carbon credits from Inherit 
Carbon Solutions and Climeworks, with both deliveries 
planned for the future. Through Inherit Carbon Solutions, 
we have purchased carbon credits that help finance 
carbon capture from biomethane plants. Here, organic 
waste, such as sewage and food waste, is handled and 
used to produce renewable energy. The waste from this 
process contains a high concentration of CO2. Normally, 
this is released into the atmosphere, but in this project, the 
carbon is captured at the plant and permanently stored in 
geological formations.
Carbon credits cancelled in the reporting year
2024
2023
Total amount of carbon credits (tCO2eq)
1,334
858
Share from reduction projects (%)
0 %
0 %
Share from removal projects (%)
100 %
100 %
Share of recognised quality standards (%) 59)
100 %
100 %
Share from project within the EU (%)
7.95 %
0 %
Carbon credits planned to be cancelled in the 
future
2024
Carbon credits 
planned to 
be cancelled 
in the future, 
total (tCOeq)
1,800t from Klimate (1,000t 2025, 800t 2026)
Due to uncertainty related to delivery time, 
carbon credits from Inherit and Climeworks are 
not disclosed.
Internal carbon pricing [E1-8]
Storebrand has an internal carbon fee as part of our 
strategy to reduce our own GHG emissions. The fee is 
linked to emissions from employees' business-related air 
travel, and applies to employees in all of the company's 
business areas. The cost is charged to the employee's 
department, and shall be followed up by the managers 
in a report that serves as a management tool for travel 
prioritisation. This has been integrated into overarching 
business management processes. 
In 2024, the internal carbon price was set at NOK 1,000 
per tonne of CO2 equivalent. The level was set in 2020 
and was based on pricing in Sweden, which at the time 
was among the countries with the highest carbon price. 
In 2024, it was decided that the level will be increased 
to NOK 1,500 per tonne CO2 equivalent in 2025 and 
gradually adjusted in line with carbon price pathways 
based on recommendations from the Climate Committee 
2050 in Norway. We will evaluate the effect of the 
carbon price mechanism regularly, against our emission 
reductions and trajectory. The carbon pricing has not been 
validated by an external third party. The main goal is to 
stimulate emission reductions, while also financing other 
climate removal and mitigating measures. 
The carbon fee is used to purchase carbon credits 
corresponding to emissions from our flights (see above), 
and any measures that reduce emissions (see the section 
"Targets and actions" for own operations).
57)  https://www.klimate.co/carbon-removal/our-approach 
58)  https://www.klimate.co/case-study/storebrand 
59)  In 2024, the standards Plan Vivo (62 %) and Carbon Standards International EBC (38 %) were used in the projects.
60)  The volume charged for the internal carbon fee differs somewhat from the total emissions from air travel because part of the basis was based on forecasts at the time the internal 
carbon fee was invoiced.
Carbon pricing scheme
Applicable 
volume (tCO2eq)  60)
Prices applied (NOK / 
tCO2eq)
Limitations 
Internal carbon fee
1,190
1,000 NOK/tCO2e
Includes Scope 3 Category 6 emissions from air travel, 
which corresponds to 0.004 % of Storebrand's total Scope 3 
emissions in 2024.

146    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Social 
information

147    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Own workforce [ESRS S1]
Impacts, risks and opportunities [SBM-3] 
The Group's double materiality assessment, identifies 
material impacts, risks and opportunities related to our 
own workforce. This includes employees with various 
forms of affiliation contributing to our business.
'Employees' are defined as permanent and temporary 
employees directly within the company, while 'non-
employees' include self-employed persons who provide 
services through their own companies, as well as hired 
personnel from third-party providers, such as consultants. 
Each of these groups are affected in different ways by our 
business. We work systematically to safeguard labour 
rights, health, safety and equal treatment for everyone who 
is part of our extended workforce.
Topic
Description of material impacts, risks and opportunities
Work-life balance
Work provides financial security, structure and belonging and may contribute to a balance between work and 
leisure. However, the work-life balance can at times be strained, making it more difficult to maintain a healthy 
balance. Certain functions with high pace or responsibility may be more vulnerable, and persistent strain may 
lead to stress and lower engagement, especially if employees do not experience sufficient predictability or 
support in their everyday work. 
Imbalance over time may reduce well-being and engagement. For the organisation, this may lead to higher 
turnover and lower productivity and could affect our attractiveness as an employer.
By enhancing our work-life balance framework and ensuring clear expectations and support from managers, 
we can strengthen our commitment and attractiveness as an employer
Health and safety
We have a positive impact on the health and safety of our employees, regardless of affiliation and across all 
countries and functions, by facilitating a safe and inclusive working environment with high engagement and 
good development opportunities. Being employed contributes positively to mental and physical health by 
providing meaning, financial security and belonging. 
We may negatively impact employees' health and safety if they experience mental health issues or high stress 
levels due to a lack of work-life balance, as well as ergonomic challenges. Certain functions with high work 
intensity or demanding working conditions may be more vulnerable.
Persistent stress and health problems can pose a risk if employees experience a lack of empowerment or 
do not receive sufficient support from their manager. Although the working conditions themselves are rarely 
detrimental to health, employees who feel isolated when facing challenges or lack adequate follow-up may 
experience declines in performance, commitment, and well-being. Over time, this can lead to increased 
turnover and negatively impact our reputation as an attractive employer. 
We have an opportunity to enhance our health and safety initiatives by fostering an open and inclusive 
working environment, characterised by high engagement and a strong sense of community. A crucial aspect 
of this is providing managers with the support and development they need to excel as leaders – through 
leadership training, tools, and guidance. When managers are well equipped to support empowerment and 
provide the necessary support, it contributes to increased commitment, a better working environment and a 
stronger reputation as an attractive employer.
Gender equality and 
equal pay for work of 
equal value
We have a negative impact due to unevenly distributed wage levels across job positions, with a higher 
concentration of men in certain roles that offer higher salaries. This is particularly evident in roles of 
responsibility and specialist positions traditionally male-dominated. We continuously strive to reduce 
disparities through targeted actions, such as identifying biases and promoting gender equality in recruitment, 
salary adjustments, and career development.
We have an opportunity to promote equality and build an inclusive workplace through our structured long-
term work with diversity and equal opportunity, enabling us to attract a wider diversity of people who may 
add value to the company. By avoiding unconscious bias in our decision-making, we are better equipped to 
achieve our strategic goals.

148    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Interaction with strategy and business model
We include the topics of work-life balance, health and 
safety, gender equality and equal pay for work of equal 
value, training and skills development, diversity, as well as 
measures against violence and harassment in our strategy 
and business model. This is done by integrating our HR 
strategy (People First strategy) as one of the strategic 
enablers in our corporate strategy. By putting people first, 
we strengthen our organisation and facilitate long-term 
success in an ever-changing world. 
Through initiatives such as competence development, 
management programs, salary policies, health and safety 
measures and diversity efforts, our employees will have 
the opportunity to grow and succeed. This creates a 
working environment characterised by engagement, 
learning and productivity, while strengthening our position 
as an attractive employer.
We use established processes such as the 4-step model 
from the Duty of Activity and Reporting (“Aktivitets- og 
redegjørelsesplikten”) to ensure systematic efforts with 
our working environment and competence development 
in the Group. The 4-step model involves mapping 
challenges, analysing causes, setting targeted actions 
and evaluating results. This structured approach gives us 
insight into impacts, risks, and opportunities, and enables 
us to develop strategies that meet current needs while 
laying the foundation for future growth. 
Storebrand identifies at-risk groups through the 4-step 
model, monthly pulse surveys and our annual HSE survey. 
These provide insights to workload, stress and work-life 
balance, and form the basis for action plans for mitigating 
risk. Measures such as a hybrid work model and flexibility 
are valued by employees, which is reflected in high 
employee engagement scores. We measure success with 
a target of at least 8 out of 10 points on engagement and 
continuously work to combine systematic insight with an 
inclusive culture.
All measurements and evaluations are based on pulse 
data from regular surveys, as well as data on sick leave and 
employee turnover. The pulse data provides insight into 
the employees' experience of engagement, belonging and 
working environment across the group. We use a baseline 
based on average values from previous measurements, 
and the results are compared with both internal targets 
and external industry indices.
The evaluation provides clear indicators of progress, such 
as stable low sick leave, reduced turnover and increased 
engagement scores. This structured approach enables 
us to identify risks and opportunities and further develop 
strategies that strengthen a safe, inclusive and engaging 
work environment.
Topic
Description of material impacts, risks and opportunities
Training and skills 
development
We have a stimulating and inclusive workplace with a high degree of psychological safety. Our surveys show 
that we are above the industry average regarding employees' perception of their development opportunities. 
However, we recognise potential areas for improvement in our approach to training and skills development. 
Some employees, particularly in specialised roles or functions with high work pressure, may experience 
limitations regarding time or resources to prioritise skills development. As a competence-driven business, we 
depend on the expertise and skills of our employees to succeed.
We see significant opportunity to strengthen this competence, both among employees and managers. 
By further developing and investing in targeted competence development, we can increase productivity, 
promote innovation and strengthen overall value creation. This makes Storebrand an arena for both personal 
and professional growth. 
Measures against 
violence and 
harassment in the 
workplace
Storebrand risks having a less attractive workplace if we experience cases of discrimination, bullying or even 
violence. Such incidents could lead to reduced performance, increased turnover and represents reputational 
risk. It is crucial that we work actively and preventively to avoid such challenges.
Diversity
Diversity is an important factor in Storebrand's working environment, and we strive to have a culture 
embracing and valuing workforce diversity. At the same time, we see a potential to increase diversity among 
our employees, particularly in management roles and specialist positions where certain groups may still be 
underrepresented. 
By facilitating a more diverse and inclusive working environment, we can create new opportunities for 
recruitment and long-term value creation. This could provide a competitive advantage, making it possible 
to attract talent with perspectives that can help strengthen Storebrand. Diversity is a strong driver of value 
creation and can contribute to higher productivity, creativity, engagement and valuable synergies. This applies 
to all levels and functions.

149    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Storebrand's approach to our workforce [S1-6, 
S1-7] 
Our employees are our most important source for 
innovation, development and growth. Committed and 
skilled employees represent a competitive advantage and 
are crucial for maintaining loyal and satisfied customers. 
We aim to promote a culture where learning, sharing and 
collaboration are a natural part of everyday work.
We have a high level of employee engagement, low sick 
leave and low turnover. We continue to find great interest 
from new employees applying with us. Furthermore, 
we have high internal mobility, and experience that our 
employees can develop within Storebrand. The typical 
Storebrand employee should be highly competent, digital 
and value-creating. 
Storebrand has a total of 2,368 employees, of which 
1,881 are in Norway and 445 in Sweden. The gender 
distribution is 55.2 per cent men, 44.4 per cent women 
and 0.4 per cent unspecified gender. 
We follow up metrics 61) for the topic Own workforce, 
which are presented in tables in the following chapters. 
The tables below provide information on the most 
important characteristics of Storebrand employees. 62) 
Employee head count by gender
 
2024
2023
Male
     1,307 
  1,253 
Female
  1,051 
    1,054 
Other
          - 
 New 
Not reported
 10 
          1 
Total employees
   2,368 
2,308 
Employee head count in countries where 
Storebrand has at least 50 employees 
representing at least 10 % of total number of 
employees
 
2024
2023
Norway
1,881
1,841
Sweden
445
426
The total number of employees who left the company 
during the reporting period is 188, corresponding to a 
turnover of 6.1 per cent 63).
Turnover
 
2024
2023
Number of employees who have left 
Storebrand during the reporting period
188
New
Employee turnover
6.1%
7.7%
As of 31 December 2024, we used 672 consultants, 626 
partners and distributors, as well as 9 interns. These cover 
various roles in support and specialised projects.
Characteristics of non-employees 64)
 
2024
2023
Total number of non-employees
 1,307 
1,512
Number of consultants
    672 
811 
Number of partners and distributors
 626 
688 
Number of interns
 9 
  13 
61)  The data has been validated by the external auditor and not by any other external body.
62)  The figures are reported in terms of number of employees (head count), not full-time equivalents, and reflect the status as of 31 December of the reporting year. The data is 
retrieved from our internal HR system where employees have stated their gender.
63)  The turnover is calculated by dividing the number of permanent employees who have left during the reporting period by the total number of permanent employees at the start of 
the period, and then multiplying the result by 100. 
64)  The figures include consultants, reported in head count, not full-time equivalents. The data reflects the status as of 31 December of the reporting year, based on registrations in 
internal systems, and not an average for the period.
Employees by contract type, broken down by gender (head count)
Female
Male
Other*
Not disclosed
Total
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Number of employees
1,051
1,048
1,307
1,246
-
-
10
-
2,368
2,294
Number of permanent employees
1,030
1,016
1,283
1,230
-
New
9
New
2,322
2,246
Number of temporary employees
21
32
24
16
-
New
1
New
46
48
Number of non-guaranteed hours 
employees
-
-
-
-
-
New
-
New
-
-
*Genders disclosed by employees themselves.

150    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Training and skills development
Our approach [S1-1, S1-2, S1-3]  
Policies
Storebrand's employee handbook and the Duty of Activity 
and Reporting (“Aktivitets- og redegjørelsesplikten”) 
describe our approach to training and skills development, 
in which we emphasise continuous enhancement of skills 
and a culture where learning should be a natural part of 
everyday work. The "People First" strategy encourages 
employees to acquire new skills and knowledge to meet 
future challenges. Responsibility for implementation 
of training and skills development lies with the Group's 
People, Brand and Communications unit, which supports 
managers and employees with relevant resources 
and initiatives to strengthen learning and growth. 
The approach covers all employees in the Group and 
includes onboarding via our Smart Start program, where 
employees are introduced to Storebrand's values and HSE 
procedures. 65)
Insights that form the basis of the learning strategy 
are based on analyses of data from pulse surveys, 
development dialogues and statistics from our learning 
platform. We use quantitative methods to measure 
participation rate and number of learning hours per 
employee, combined with qualitative feedback analysed 
for patterns and opportunities for improvement. 
Development is systematically monitored through the 
"Development Dialogue", where managers and employees 
discuss skill enhancements and career. The approach 
supports formal and informal learning through daily 
work tasks and digital learning tools. Learning needs 
are mapped and adapted via pulse surveys, and we use 
feedback to further develop learning offerings, which are 
communicated through the intranet and learning platform. 
Effectiveness is evaluated through both quantitative and 
qualitative data, such as feedback in the development 
dialogue, employee experiences from pulse surveys and 
results from specific learning activities.
Processes for involving employees and unions
Storebrand engages with employees and employee 
representatives in learning and development through 
several initiatives. The formal responsibility lies with 
the People department in collaboration with union 
representatives.
Development is followed up systematically in the 
"Development Dialogue", as described above. In addition 
to participation rate, we look into employees' experience of 
managerial support as well as mastery within the learning 
pathways. Feedback is analysed to identify improvement 
areas that can strengthen the learning culture.
At the annual Storebrand Day for all employees, the focus 
for 2024 was on resilience, to strengthen our mental skills 
together and prepare ourselves for challenges. 
People Reviews are conducted annually in Q4, followed 
by measures in the first half of the following year, in which 
we systematically assess employees' skills, development 
needs and career opportunities. Throughout the process, 
management identifies individual and organisational 
development areas. The approach ensures that our 
competence development initiatives are rooted in the 
employees' perspectives and adapted to their career 
development.
Processes for remediating negative impact
Employees can express needs or concerns directly 
through monthly pulse surveys that map experiences 
around development opportunities and engagement, as 
well as through the development dialogue with managers.
Regular meetings are also held with union representatives 
at different levels in the organisation. Regular meetings 
are held with the CEO, employee representatives and 
chief safety representatives. Collaboration meetings 
are held four to six times a year with People, Brand and 
Communication, as well as at least four annual meetings 
between the cooperation committee and all group and 
business areas, in which expertise and development 
are discussed. This aims to ensure that employee 
perspectives and needs are considered in decision-making 
processes and development of new learning initiatives. We 
adjust the learning offerings based on feedback. This will 
enhance our learning environment and support employee 
development, while creating value for the company.
Targets and actions [S1-5, S1-4]  
Targets
We believe learning is key to strengthening performance 
and for building a diverse culture of innovation that fosters 
growth in our hybrid work model. We aim to promote a 
culture where learning, sharing and collaboration are a 
natural part of everyday work.
Our ambition is to build a learning culture with a high 
level of psychological safety, where employees feel safe 
to experiment, learn from mistakes and share insights. 
We assume that a higher degree of psychological safety 
leads to increased knowledge sharing and engagement 
in development dialogues. This is assessed through 
questions about perception of support from the manager. 
We want a working environment that encourages people to 
take responsibility for own and colleagues’ development, 
and where it feels safe to give feedback. We consider the 
65)  Consultants and other non-employees take part in the culture, but formal courses for their development are followed up by the company they belong to.

151    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
confidence to experiment and share insights as indicators 
of a learning culture, with the goal that employee feedback 
reflects such confidence. For mentorship and peer 
support programs, we look at participants' reflections and 
experiences of personal growth as a qualitative indicator 
of success. In addition to participation, we assess how 
learning is transferred into practice, through qualitative 
assessments in dialogue with managers and colleagues. 
From pulse surveys, development dialogues and analyses 
of future competence needs, we adapt measures 
supporting both employee well-being and our strategic 
goals.
We aim to achieve an overall score on the employee pulse 
survey (Peakon) of 8 out of 10 points within learning 
and development. We monitor the score measuring 
employee’s perception of support from their manager, 
with the target score 8 out of 10 points. Our 2018 baseline 
was around 7 for both indicators, indicating that our 
work has a positive impact. In 2024, the result was 8.5, 
providing an important basis for further work with learning, 
development and leadership in the organisation.
Our goal was to increase the number of learning hours per 
employee by approximately 5 per cent, from 7.7 hours 
in 2023 to 8 hours in 2024. The result was 10.8 hours. 
However, we acknowledge that the number of learning 
hours alone does not provide a complete picture of the 
effect of our measures. We place great emphasis on the 
results of the pulse survey, especially the employees' 
experience of development opportunities and support 
from managers.
We aim to continue the digitalisation of learning resources, 
as well as strengthening our employees' expertise in 
sustainability, ethics and digital security. The goals are 
set based on employee feedback, analysis of which skills 
are critical to future success, and industry standards. 
This includes annual updates of courses in the e-learning 
system, where the content is adjusted to meet identified 
needs from employees.
Actions
Based on insights from pulse surveys, development 
dialogues and analyses of future skills needs, we adapt 
measures to achieve the goals, which support both 
employee well-being and the company's strategic goals. 
These focus on: 
•	 Training and skills development: The learning strategy 
is based on the 70-20-10 model 66), where learning 
through work, collaboration and formal education is 
balanced.
•	 Diversity and inclusion: We focus on inclusive 
leadership, cultural awareness, and equality to 
strengthen innovation and customer understanding.
•	 Sustainable development: Sustainability and ethical 
business operations are included in our learning and 
development activities, including annual courses in 
sustainability. This course is carried out as part of our 
annual mandatory courses.
To ensure that the measures are integrated into the 
organisational structure, the People department has the 
overall responsibility for implementation, with dedicated 
resources that work closely with all business areas and 
employee representatives. 
Examples of measures in 2024: 
•	 Artificial intelligence (AI): We established a 
multidisciplinary AI steering group that implemented 
measures to empower and make AI expertise 
accessible. A group of 100 AI Champions helped 
colleagues. Over half of our employees applied for an 
AI license, and many participated in formal training for 
practical use. We conducted management training to 
increase AI competence. The effect of the AI training 
is assessed by comparing participants' use of AI tools 
before and after the training. This helps to understand 
how learning is translated into practice. It is expected 
that the AI training will result in increased use of AI 
tools to streamline tasks. We measure this through 
the number of license users, and we also conducted a 
survey on the use of AI licenses during 2024, showing 
that in December 2024, 86 per cent felt that this 
increased their efficiency as well as the quality of their 
work. In comparison, 70 per cent experienced the same 
thing in the survey conducted in May 2024. The initiative 
will be continued in 2025 with a focus on practical use in 
everyday life and to improve the customer experience.
•	 Storebrand Day 2024: The theme was "Robust – 
for a future to look forward to." The day focused on 
developing mental resilience and provided insight into 
how we can handle a dynamic and demanding working 
life. The topic was based on our work with psychological 
safety and interpersonal communication. The effect is 
measured by collecting feedback immediately after the 
event and through pulse surveys illustrating how the 
theme affects the experience of resilience over time. The 
event is also planned for 2025, with a new main theme.
•	 Leadership development: We offer a wide range of 
leadership development programs, including "Practical 
Management" and the Storebrand Academy. This 
course engaged 72 managers in 2024, with and without 
personnel responsibility, with a new cohort planned 
for start-up in August 2025. A new cohort of 26 future 
leaders started at the Storebrand Academy. A new 
cohort will start in 2026. The measures are intended to 
strengthen managers at all levels and provide managers 
with tools to support their teams in an ever-evolving 
working life. We expect the leadership programs to 
contribute to increased confidence in the leadership 
role, measured by improved scores on 'support from the 
manager' in the pulse survey.
•	 Mentor and peer support programs: We continued 
our mentoring and peer support programs for managers 
and new employees, which focus on professional and 
social support. This will promote colleague learning, 
strengthen professional development and build 
inclusion across departments and levels, which in turn 
can contribute to a more robust working environment.
66)  70 per cent of learning should take place through practical experience, 20 per cent through interaction with others and 10 per cent through formal learning such as 
courses and other things. 

152    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
•	 Group trainee program: We launched a new group 
trainee program for nine talents, where the trainees 
rotate between three different positions for a period 
of 18 months. This provides a comprehensive 
understanding of Storebrand and a solid platform for 
further careers, while at the same time building talents 
with broad organisational knowledge. We will start up a 
new cohort in 2025.
•	 Storebrand Sandbox: This is a fintech program for 
students that is held annually during the summer period 
and is intended to support the development of an 
innovation culture. In 2024, 15 students with different 
professional backgrounds participated, solving real 
challenges for Storebrand and our customers. 
•	 Learning platform: By registering courses and 
workshops more systematically, we get a better 
overview of the academic foundation of the organisation. 
In this way, we can identify areas for development and 
continuously adapt competence development to the 
needs of our employees and the business.
In the course of 2025, we will complete an action plan for 
learning and development with measures such as further 
development of management training, strengthening of 
digital learning resources for individual adaptation and 
further competence enhancement in artificial intelligence. 
At the same time, we will facilitate good frameworks and 
working methods that make learning easy and relevant in 
everyday life.
Metrics [S1-13]
The proportion of participants in development dialogues 
has increased somewhat compared to last year. In 2024, 
the average number of learning hours per employee was 
10.8 hours – a significant increase from the previous year. 
In 2023, the average was 7.7 hours per employee, which 
gives a clear indication of a steady increase over time. 
The increased use of digital learning resources in 2024 
helped us reach our target regarding number of learning 
hours. The increase in learning hours indicates progress, 
but we see a need for more systematic measurement of 
how actions such as courses and management training 
contribute to perceived support and career development 
among employees. 
The Peakon score, measured through anonymous pulse 
surveys, shows a positive trend, which may indicate that 
the learning initiatives are having a positive effect on 
engagement and learning culture.
The data is calculated based on LMS reporting, 
management evaluations and pulse surveys. Compared 
to previous years, our data on learning and development 
now also includes somewhat more information on informal 
learning activities, providing a more holistic picture 
of employees' learning efforts and the impact of our 
measures.
Effectiveness is measured in different ways. For example, 
we track participation and collect feedback from 
employees after completed meetings and courses. For 
broader initiatives, we assess results over time through 
pulse surveys and development dialogues. Although we 
see indications of progress, such as an increase in average 
learning hours and positive trends in pulse surveys, we 
are working to strengthen reporting on how the measures 
directly contribute to goal attainment. This includes 
analyses that show how specific measures such as 
leadership development programs and theme days affect 
learning outcomes, engagement and results.
Female
Male
Other
Not disclosed
Total
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Percentage of employees that 
participated in regular performance 
and career development reviews
54 %
56 %
57 %
55 %
-
New
10 %
New
56 %
55 %
Average number of training hours per 
employee 
11.6
7.6
10.2
7.8
-
New
0.9
New
10.8
7.7
Training and skills development
Employee engagement 67)
 
2024
2023
Engagement score for all employees: Storebrand score, scale 1-10
8.5
8.4
Industry average for engagement score in Peakon, scale 1-10
8.0
8.0
67)  Engagement is measured by Peakon scores sent out to employees. Responses collected anonymously.

153    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Diversity and equal opportunities
Our approach [S1-1, S1-2 and S1-3]    
Policies
Storebrand's approach to diversity and inclusion is 
rooted in the Group's Code of Conduct, as well as the 
Diversity Policy, which is reviewed by ASA’s Board of 
Directors. The daily work is led by Executive Vice President 
People, Brand and Communications. Consultation with 
representatives from the entire organisation, including the 
Working Environment Committee (AMU) and the Diversity 
Committee, will ensure support and anchoring of the work.
The policies are based on recognised standards such 
as the UN Guiding Principles on Business and Human 
Rights, the ILO Declaration on Fundamental Principles 
and Rights at Work, and the OECD Guidelines for 
Multinational Enterprises. The documents must support 
an organisational culture that is inclusive and adapted 
to individual needs. They address discrimination based 
on gender, age, ethnicity, disabilities, sexual orientation, 
religion, political opinions, or other matters protected by 
relevant laws and standards. 
The policies apply to all Storebrand employees, including 
permanent and temporary employees and interns. 
External consultants and partners are also expected to 
comply with them.
Routines
To ensure continuous improvement, we use the 4-step 
model from the Duty of Activity and Reporting: mapping 
challenges, analysing causes, setting targeted measures 
and evaluating results. All measures are evaluated against 
specific targets with a clearly defined baseline and 
comparison with industry standards. See more about this 
in the report on the Duty of Activity and Reporting 68). 
We conduct employee surveys twice a year to gain 
valuable insight into employees' experiences with the 
working environment, inclusion and engagement. The 
results are used to evaluate the impact of measures 
against baselines and industry standards to identify 
improvement areas. Results are monitored through 
working groups across levels, including the Working 
Environment Committee (AMU). The AMU serves as a 
platform for dialogue between management and the 
safety delegate service, ensuring that employees' feedback 
on the working environment and their commitment is 
considered. Additionally, the AMU assesses how the 
implemented measures impact employees' sense of 
support and belonging, utilizing data from pulse surveys 
for its evaluations.
The Diversity Committee is a subcommittee of AMU and 
is an advisory body consisting of employees from different 
organisational levels. The committee is responsible for 
identifying and promoting strategies, goals and measures 
that support an inclusive working environment. The 
committee is also working on impact measurement related 
to the Activity and Reporting Duty, as well as strengthened 
cooperation on diversity and equality. The committee 
meets quarterly, and its work is led by a core group from 
People, reporting directly to the Corporate Executive 
Committee.
To identify groups that may be particularly vulnerable 
to discrimination and for addressing systematic and 
individual challenges, Storebrand uses anonymised data 
from pulse surveys and feedback from dialogue meetings 
and safety representatives. These insights are used to set 
targeted actions and evaluate results. This could include 
people with minority backgrounds, employees with 
disabilities, or those who work in roles with lower influence 
at the organisational level. 
We offer courses in diversity and inclusion to foster 
understanding, collaboration, and awareness. Additionally, 
annual risk assessments, accessible to all employees 
through our handbooks, contribute to creating a safe and 
inclusive working environment.
Processes
We have several formal channels and processes for 
employees to raise concerns related to diversity and 
inclusion. Among the most important are whistleblowing 
services and regular employee surveys. The 
whistleblowing service is anonymous, available to all 
employees, and can be used to report problems such as 
discrimination, bullying or other forms of negative impact 
on the working environment. 
All reports are processed by Storebrand's Whistleblowing 
Council, consisting of representatives from People, 
Compliance and Group Legal. The council's task is 
to ensure that the whistleblower, and potentially the 
subject of the notification, are handled in accordance 
with internal and external requirements The CEO and 
the Board of Directors are informed if necessary, and 
in accordance with applicable policies. We place great 
emphasis on resolving cases at the lowest possible level 
in order to promote dialogue and rapid follow-up. Through 
management training and annual mandatory courses for 
all employees, the importance of addressing challenges 
early on is emphasised. The courses include examples 
68)  The report on the Duty of Activity and Reporting is available in the Sustainability library - Storebrand

154    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
and guidance on how employees can raise issues with 
managers or other relevant people. The whistleblowing 
service is communicated through the intranet, onboarding 
programs and the employee handbook. During town hall 
meetings and other relevant joint meetings, employees are 
encouraged to use available channels for feedback.  
Employees can convey their feedback directly to the 
representatives in the AMU, the Diversity Committee and 
to safety representatives. These bodies serve as key points 
of contact for employee feedback and concerns. Who they 
are and how to reach them, is clearly communicated on 
the intranet. 
The People department and relevant managers must 
ensure that each case is handled confidentially and 
thoroughly through close dialogue with affected parties. 
The goal is to identify and implement measures that 
improve the working environment and promote belonging 
and safety. 
The effectiveness of the whistleblowing channels and 
feedback systems is regularly assessed through pulse 
surveys, dialogue with employees and internal audits. 
Feedback is used to adjust and improve measures to 
support employees' sense of security and belonging.
Targets and actions [S1-5, S1-4] 
These are our principles and targets, forming the basis of 
our routines and processes:
•	 Representative diversity: We aim for a gender balance 
of 50/50 at all management levels by 2030. We 
measure progress through biannual analyses of data 
from pulse surveys and recruitment processes. The 
baseline for 2023 was 40/60.
•	 Fair treatment: We want all our employees to feel 
that they are treated fairly, regardless of gender, 
age or background. This is measured annually via 
the engagement score in the pulse surveys and is 
supplemented with qualitative indicators from annual 
conversations with managers.
•	 Safe working environment: We aim for zero cases of 
harassment reported through whistleblowing channels. 
The effectiveness of measures is evaluated annually 
based on the number of notifications and follow-up 
measures.
•	 Individual value: The Inclusion Score in the pulse 
Survey is a key indicator for measuring how employees 
experience belonging and opportunities to contribute. 
The goal is to achieve a score of at least 8 (out of 10) by 
2025.
•	 Systematic development: We measure competence 
development both quantitatively and qualitatively. 
Through monitoring the number of hours of completed 
learning and results from pulse surveys about 
employees' perception of development opportunities. 
The target is to increase the number of completed hours 
by 5 per cent by the end of 2025, while maintaining 
the score for the experience of development to an 
engagement score of at least 8.1 out of 10.
Gender
Targets
We aim to achieve 50/50 gender balance at all 
management levels by 2030. This target is monitored by 
ongoing analyses of gender balance, both in recruitment 
and in internal development and promotions. Status and 
progress are regularly reported to the Group Executive 
Committee and the Board of Directors, ensuring strategic 
anchoring and continuous focus.
To reduce the gender pay gap, we aim to achieve equal pay 
for work of equal value. We carry out annual salary audits 
in which data on equal pay are reviewed in collaboration 
with employee representatives. Any biases are identified 
and addressed on an ongoing basis. The work is evaluated 
annually to ensure progress, transparency and a fair 
pay policy that promotes equal opportunities for all 
employees.
Actions
We strive to nominate as many women as men for 
management positions and leadership development 
programs. Our ambition is to have at least one female and 
one male finalist candidate in executive recruitment.
We regularly track the proportion of female managers 
at all management levels, and as of the end of 2024, 
37 per cent of managers were women. We focus on 
increasing the proportion of women in leadership roles 
through long-term work with leadership development and 
internal mobility. The proportion of women in corporate 
management was 50 per cent in 2024, and 50 per cent of 
the board members of Storebrand ASA were women. 
A review of pay levels in collaboration with union 
representatives showed some pay differences between 
men and women. We have implemented measures 
to address this, including an annual salary review in 
collaboration with union representatives.
In addition to the She Index collaboration, we collaborate 
closely with the Women in Finance Charter, setting 
internal targets for gender balance at management 
level and in specialist positions. We regularly report on 
progress.
We are also continuing the FiftyFifty program in 
collaboration with AFF to promote gender equality, 
both in Storebrand and broader society, with the goal of 
supporting women in their leadership journey. Ten women 
finished their program in 2024, and a new cohort of ten 
women started towards the end of the year. At the annual 
alumni meeting, we also invite male colleagues.
Among the participants in the Storebrand Academy and 
in Practical Management with Front, there were as many 
women as men in 2024. In the Sandbox program, eight 
men and seven women participated, and in our corporate 
trainee program, four men and five women started up in 
2024.

155    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
International Women's Day on 8 March was marked 
with a general meeting where we discussed how we 
at Storebrand and society at large can achieve gender 
equality in investments, leadership and artificial 
intelligence.
Ethnicity, religion and beliefs
Targets 
We aim to create a safe, inclusive working environment 
that strengthens both our employees and the company's 
reputation. Our ambition is to build a culture based on 
trust, belonging and diversity. Our goal is for all candidates 
and employees to experience an open and inclusive 
recruitment process, with equal access to opportunities 
both internally and externally. 
Actions
We have regular pulse surveys that measure employees' 
experience of support, belonging and opportunities for 
development.  For goals that aren't directly attainable in 
numbers, like building an inclusive culture, we use survey 
data and feedback as indicators of success.
To promote an inclusive culture, we have implemented 
structured recruitment processes to ensure we consider 
candidates from diverse backgrounds and provide equal 
opportunities for all. In 2024, we worked on having an 
inclusive recruitment process where diversity is made 
visible, from job advertisements to interviews. This work 
will be continued in 2025.
We are working to increase the diversity among 
Storebrand's representatives in these processes. With 
contributions from employees and managers with 
broad professional experience, and different cultural 
backgrounds, age and gender. We saw great interest for 
participating in the Diversity Committee in 2024, and 
the committee now consists of employees with different 
perspectives and experiences that reflect our organisation.
On the intranet, we continue to develop our diversity page. 
We also have a diversity calendar, which managers and 
employees are encouraged to use actively when planning 
social and professional events. This calendar helps us 
respect and celebrate our diversity throughout the year.
In 2024, we have had a special focus on all types of 
diversity through our reverse mentoring program. With 
support from the Norwegian Directorate of Integration and 
Diversity (IMDI), we developed an e-learning course on 
diversity, inclusion and belonging together with the social 
entrepreneur Catalysts, with a special focus on ethnicity. 
So far, around 201 employees have completed this course 
in 2024.
Different life-phases and life situations
Targets
Storebrand's ambition is to be an attractive employer 
throughout peoples’ careers and to support employees in 
different phases of life and life situations that may affect 
their ability to work. Having employees from different 
stages of life strengthens our organisation and provides a 
wide range of perspectives and expertise.
Actions
Storebrand manages negative impact such as stress 
and workload through various measures. Flexible 
working hours and hybrid working, gives employees the 
opportunity to adapt their working day to their needs. This 
helps to take care of employees in different life situations 
and phases of life and promotes work-life balance.
In the autumn of 2024, a selection of employees who are 
parents to young children, were invited to participate in the 
research project The Heart Family, a digital platform that 
acts as a "psychologist in your pocket." Employees receive 
round-the-clock support and access to resources that help 
them deal with the challenges in toddler-parenting phase. 
The research project will end in the autumn 2025 and 
will give us valuable insight into how we can implement 
further measures to promote a good work-life balance for 
employees who are in such a life-phase.
We offer paid parental leave beyond the legal 
requirements, 100 per cent salary during leave.
For employees in the middle phase of their careers 
and with more seniority, we emphasise social and 
professional community. We have flexible arrangements 
for experienced employees over the age of 60, so that 
they can adapt their working day as needed. This includes 
the opportunity to reduce working hours from 100 to 80 
per cent with a salary payment of 90 per cent. Employees 
over the age of 62 are entitled to reduced working hours, 
and those over the age of 64 can request shorter daily 
working hours, if compatible with the work at hand. To 
promote health and engagement, we also offer one hour 
of weekly exercise during working hours for those over 60. 
In addition, we have many activities through Storebrand 
Sport, our corporate sports team, for all employees.
Beyond addressing specific life stages, we place great 
emphasis on meeting employees where they are, even 
when they experience life events that are not related to 
age or career. With early follow-up and tailored support – 
such as health and financial advice through the Storebrand 
service VEL – we make it possible for employees to get 
support in maintaining their ability to work, deal with 
challenges and find a balance between work and private 
life.
Sexual orientation, gender identity and gender 
expression
Targets
At Storebrand, we aim to create a workplace where 
everyone can be themselves and feel a sense of belonging, 
regardless of gender identity or sexual orientation. 
Actions
As part of our Pride participation in 2024, we organised 
an internal celebration where we shared why this work is 
important for building an inclusive culture. All employees 
received lanyards in the colours of the rainbow as a symbol 
of our commitment to diversity. On the intranet, we have 
a separate page about our Pride participation, including a 
glossary to promote openness and knowledge.

156    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
To get a clearer picture of how queer employees 
experience the workplace, Storebrand has collaborated 
with Equality Check and Oslo Pride on a survey in which 
more than 5,000 employees from different companies 
shared their experiences. 
The report showed that Storebrand has a good foundation 
for an inclusive workplace, but also a potential for 
improvement. The insight is valuable in the work of 
identifying specific measures that may further strengthen 
our culture of diversity and inclusion.
Several of our managers, together with union 
representatives, the Diversity Committee and People, 
have participated in courses in “pink competence” to 
strengthen insight and understanding. The course helps 
managers and employees talk confidently and respectfully 
about topics related to gender identity and sexuality. Our 
ambition is to offer this to even more leaders in 2025. 
Disability and exclusion
Targets
At Storebrand we are committed to supporting our 
employees' mental, physical and financial health, to 
prevent exclusion and reduce sick leave. Through both 
existing and new initiatives, we will create an inclusive and 
health-promoting workplace, so that employees receive 
the support they need to thrive and be able to contribute 
throughout their working lives.
Actions
Employees have personal insurance that provides financial 
security in the event of retirement, death, occupational 
injury, illness, travel, and more. These insurances 
supplement public benefits. Employees are still covered 
during leave and military service, and the insurance can 
be continued upon resignation in accordance with further 
rules.
Since 2002, Storebrand has been part of Inclusive 
Working Life (IA), a tripartite program that aims to promote 
health and well-being through work and reduce sick leave. 
In 2024, we introduced Vel Helse and Vel Aktiv, services 
launched by Storebrand for all our corporate customers. 
The services help employees stay at work or return faster 
after illness. Participants receive early personalised 
follow-up with multidisciplinary and targeted treatment, 
tailored to individual needs to support physical and 
mental health. The service also includes financial advisory, 
which can reduce stress and worries related to personal 
finances, which can affect one's ability to work. Vel Helse 
and Vel Aktiv will be continued in 2025 and are important 
measures to reduce long-term sick leave and in preventing 
disability.  
In 2024, we started the project "Robust and in work", with 
the aim of strengthening an inclusive working environment 
and preventing the increase in sick leave we see reflected 
in broader society. The work is organised into five main 
streams, covering both Norwegian and Swedish units, 
with a focus on knowledge sharing across the board. The 
project will run until 2025 and will lay the foundation for 
continuous, preventive efforts to combat high sick leave.
Three-party cooperation and trade unions
Management has established regular meetings to ensure 
a close and constructive dialogue with the trade unions. 
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 employers' interests in the annual 
central collective bargaining with Finansforbundet and 
the Norwegian Confederation Norway of Trade Unions 
(LO). Storebrand is bound by Finance Norway's collective 
agreement with Finansforbundet, which regulates 
employees' rights related to salary, overtime pay, 
severance pay, and participation. Storebrand's Swedish 
subsidiary, SPP, is a member of the Swedish Employers' 
Association of Banking Institutions (BAO). BAO supports 
employers in negotiations with trade unions to promote 
good cooperation and to safeguard common interests 
between employers and employees.
SPP is part of the collective agreement between BAO and 
Finansförbundet, as well as the Swedish Confederation of 
Professional Associations (Saco), which regulates salaries 
and general terms of employment.
Metrics [S1-9, S1-16]
The tables below reflect how we work with age and 
gender balance at senior management level. The age 
distribution from 2023 to 2024 covers three groups: 
under 30 years old, between 30 and 50 years old, and 
over 50 years old, reflecting our efforts to facilitate both 
experienced employees and new talent. The insights from 
this breakdown are used to personalise development 
and training programs and achieve our goals through 
milestones, annual evaluations, and quarterly status 
updates.
As of 2024, female executives make up 37 per cent across 
all company levels, and 50 per cent of the corporate 
executive team consists of women. According to Finance 
Norway's Gender Equality Indicators for the Financial 
Industry 2023, 35 per cent of managers in the financial 
industry are women, while the proportion of female CEOs 
is 27 per cent. We are on the right track, but still see 
potential for improvement.
In 2024, we were recognised by Equileap as one of the 
leading companies globally on gender equality, and we 
won the SHE Index award in both 2023 and 2024. 
In addition, we track belonging and engagement through 
pulse surveys. The goal is to have a score above 8 out of 
10, as an indicator of an inclusive culture.
Reporting is both a tool for monitoring progress, 
celebrating successes and identifying new opportunities 
and areas for improvement. 

157    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Number of employees by age group 69)
 
2024
2023
Under 30 years old
368
298
Percentage of employees under the age 
of 30
16 %
13 %
Between 30 and 50 years old
1,307
1,284
Percentage of employees between the 
ages of 30 and 50
55 %
57 %
Over 50 years
693
665
Percentage of employees over 50 years 
of age
29 %
29 %
Gender distribution in leadership positions 70)
 
2024
2023
Proportion of women on the Group's Board 
of Directors
50 %
40 %
Proportion of women in Executive Group 
Management
50 %
50 %
Proportion of women at management level 
3
39 %
42 %
Proportion of women at management level 
1-4
37 %
37 %
Proportion of female managers, regardless 
of level 71)
37 %
38 %
Gender distribution at top management level 72)
 
2024
2023
Female
23
26
% of total at top management level
41 %
42 %
Male
33
New
% of total at top management level
59 %
New
Other 
0
New
% of total at top management level
0 %
New
Not disclosed
0
New
% of total at top management level
0 %
New
Total
56
-
Recruitments
 
2024
2023
Number of external recruitments
339
New
Proportion of external 
recruitments women/men
39 % / 60 % 
New
Remuneration metrics (pay gap and total 
remuneration)
Storebrand uses the Hay Grade methodology to ensure 
a systematic and fair assessment of job value, as a basis 
for salary determination. Our analyses show small pay 
differences between women and men at most levels, 
especially up to middle management and specialist level.
However, we see a larger proportion of men in middle 
management positions and heavy professional roles, 
which can partly be explained by the fact that more men 
have been in these roles for a longer period of time. 
Pay gap and total remuneration 73)
 
2024
2023
Annual total remuneration ratio, 
CEO/median employee
11.05:1
10.33:1
CEO remuneration 
9,805,000 
8,714,608 
The median value of annual total 
remuneration for all employees 
(excluding the CEO)
         
887,568 
 New 
Women's average salary as a share 
of men's average salary 74)
84 %
83 %
Women's average salary as a 
share of men's average salary (all 
employees) per position category: 
Hay Grade 12-26
91 %
95 %
Women's average salary as a 
share of men's average salary 
per position category: Hay Grade 
12-20
96 %
94 %
Women's average salary as a share 
of men's average salary (extended 
top management) per position 
category: Hay Grade 21-26
83 %
96 %
69)  The data in the tables is collected through our HR systems. We continuously improve our reporting process and evaluate the results annually to ensure accuracy and quality. In 
2023, only permanent employees were included, but in 2024 we include both permanent and temporary employees.
70)  Management levels 1-4: Level 1: CEO. Level 2: Corporate management. Level 3: Reports to corporate management, regardless of personnel responsibility. Administrative roles are 
not included. Level 4: Reports to level 3. Everyone has personnel responsibility. Administrative roles are not included.
71)  Includes all female managers with personnel responsibility.
72)  By top management positions, we refer to managers at levels 2 and 3, i.e. a maximum of two levels below the CEO or equivalent positions.
73) Hay Grade: Hay Grade is a recognised job evaluation system that is used by many larger companies in Norway and internationally. The system makes it possible to compare salaries 
for positions that have the same requirements for competence, experience and complexity. The system is used to compare salaries for positions across the group and also against 
positions with the same Hay Grade in the labor market. Hay Grade 12-26 includes all roles except the CEO.
74) The unadjusted gender pay gap in 2024 is 16 %, which is calculated through the difference of average pay levels between female and male employees, expressed as a per centage 
of the average pay level of male employees.

158    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Incidents, complaints, and severe human rights 
impacts [S1-17] 
The table below presents reported incidents, complaints 
and serious human rights impacts, which are managed 
in line with our policies. Developments are monitored 
on an ongoing basis through various measures, including 
quarterly meetings in the AMU and liaison committees in 
the business and group areas, to identify improvement 
needs and implement preventive measures with the aim of 
reducing the risk of negative incidents.
In recent years, the average number of reported cases per 
year has been zero. This has previously been considered 
a sign that our systems and policies are working well, but 
it may also indicate a low reporting rate. To address this, 
we have raised awareness on reporting. Annual training 
programs, increased visibility of whistleblowing channels 
and regular status measurements are among the actions to 
strengthen trust in our reporting systems.
In 2024, the Whistleblowing Council assessed 10 cases. 
A limited number were considered as objectionable. 
No reported cases contained severe human rights 
impacts. However, the increase in reported cases may 
indicate that our actions have had an effect, and that 
we are succeeding in creating a culture where reporting 
possible objectionable conditions is safe. We will 
continue our efforts to ensure an open and transparent 
working environment through further development of our 
whistleblowing systems and training initiatives.
Reported incidents and complaints 75)
 
2024
2023
Number of incidents of 
discrimination
0
0
Number of complaints filed 
through channels for people in 
our workforce to raise concerns
10
0
Total amount of fines, penalties 
and compensation for damages 
as a result of incidents and 
complaints disclosed above
0
0
75)  The method of data collection includes registration and follow-up of all incoming cases in our HR and compliance tools. Any changes in data trends may be due to both improved 
reporting systems and increased awareness among employees and stakeholders. Compared to previous reporting, adjustments have been made to ensure more accurate registration 
and categorisation of cases, which provides a better basis for analysis and follow-up. The number of cases of discrimination is measured by the number of breaches of ethical rules in 
cases of harassment during the year.

159    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Working environment and HSE 
Our approach [S1-1, S1-2, S1-3]
Policies
Storebrand's HSE policy focuses on ensuring a safe, 
inclusive and health-promoting working environment, 
including permanent employees, temporary employees, 
interns and consultants. The policy includes measures 
to reduce sick leave, eliminate work-related injuries, 
and promote an engaging work environment. The policy 
work is led by Executive Management, with responsibility 
delegated to the Executive Vice President People, 
Brand and Communications, in collaboration with the 
Working Environment Committee (AMU) and safety 
representatives. 
Storebrand complies with statutory requirements in the 
Working Environment Act and regulations and updates the 
HSE policy on an ongoing basis to align with applicable 
laws and best practice. This includes the UN Guiding 
Principles on Business and Human Rights and other 
international standards related to human rights and labour 
law. 
Employee interests are considered through regular 
evaluations and risk analyses carried out throughout the 
organisation. The policy is communicated via a digital HSE 
handbook, available to all employees.
Processes for involving employees and unions
Monthly pulse surveys and annual in-depth surveys 
provide insights into employee engagement and working 
conditions, helping us identify actual and potential 
impacts and tailor actions to real needs. This is done in 
collaboration between the management, the working 
environment committee (AMU) and the trade unions. 
The surveys cover topics such as workload, psychosocial 
environment and opportunities for development, and are 
analysed quarterly to allow for adjustment of measures 
in time. Success is measured through an increase in the 
employee's sense of belonging and security over time. 
Employees also participate in HSE processes through 
the Working Environment Committee and the safety 
representatives. By involving employee representatives 
in both planning and implementation, we help ensure our 
decisions reflect the interests of our employees. Reported 
cases are assessed against specific criteria, and we 
compare the results against industry standards to identify 
improvement needs.
Processes for remediating negative impact
Employees can formally raise issues related to HSE 
and the working environment through AMU, the safety 
delegates and trade unions. In addition to the external 
whistleblowing channel, we regularly evaluate the 
effectiveness of the system to ensure it is perceived as 
safe and accessible to all employees. Each case is followed 
up immediately by the People department or immediate 
manager, and no later than within a week. Cases are 
followed up at the lowest possible level, as quickly as 
possible. Status updates are provided on an ongoing basis 
and at least monthly to all relevant parties.
Targets and actions [S1-5, S1-4] 
Targets
Storebrand's employees are our most important source 
of innovation, development, and growth. Dedicated 
and skilled employees provide a lasting competitive 
advantage and are essential for ensuring loyal and satisfied 
customers. Storebrand's long-term ambition is to maintain 
a safe and robust working environment that supports both 
physical and mental health while protecting the external 
environment. To prevent sick leave, promote health, and 
create an organisation resilient to external trends such as 
increased sick leave and disability, we have set an absolute 
target of keeping sick leave below 3.5 per cent. 
The targets are based on analyses of past performance, 
industry standards and insights from our pulse surveys and 
working environment surveys. The target is operationalized 
through systematic HSE measures, including regular safety 
checks, risk assessments, preventive health initiatives, 
and close follow-up of employees in collaboration with 
managers and employee representatives. These ambitions 
are integrated into our 'People First' strategy.
Actions
Systematic HSE work and annual cycle
The goals are operationalised through an annual cycle of 
HSE measures – including mapping, risk assessments and 
the establishment of action plans. 
In 2024, we implemented several measures to strengthen 
the working environment and deal with material impacts 
on our own workforce, with a particular focus on exclusion 
and robustness, as well as the importance of building a 
working environment promoting health and engagement. 
This work will continue in 2025, with milestones for 
evaluation in June and December. The "Robust and 
in work" project includes quarterly updates to Group 
Executive Management.
The People department has the overall responsibility 
for the implementation and follow-up of HSE work, in 
collaboration with safety representatives, managers and 
employee representatives. Resources are allocated to 
specific activities such as safety rounds, training and 
risk assessments, with support from dedicated HSE 
coordinators in Norway and Sweden.
During 2024, we carried out 6 safety checks and risk 
assessments, which resulted in updated HSE guidelines 
for ergonomic measures and measures to prevent 

160    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
psychosocial strain. This contributed to an increased 
HSE-survey score, with employees' health and well-being 
increasing from 8.2 to 8.3 and employees' perception 
that Storebrand cares about employees' physical health 
increasing from 7.8 to 7.9. The work resulted in action 
plans that are followed up by managers throughout the 
organisation. Safety inspections will also be planned and 
carried out in 2025 to maintain a continuous focus on 
the daily working environment. Identified measures are 
followed up by People and reported on a regular basis to 
AMU.
Our HSE system acts as an up-to-date handbook 
and ensures that all employees, including temporary 
employees and consultants, have easy access to policies, 
guidelines and reporting tools.
Employee engagement and risk identification
Monthly pulse surveys and annual health and safety 
surveys provide insights into areas such as workload, 
stress and work-life balance. Success of measures is 
captured through improved employee engagement, with 
the goal of having a score of at least 8 out of 10. This 
provides insight into areas such as workload, stress, work-
life balance, as well as musculoskeletal disorders, and 
provides a basis for developing action plans to prevent and 
mitigate risk.
Competence and prevention through HSE activities
In our monthly onboarding program, "Smart Start," we 
introduce HSE work to new employees. We arrange 
annual HSE activities such as defibrillator courses, stress 
management programs and measures to strengthen 
mental health. We offer health insurance, the VEL services, 
access to a health clinic, flu vaccines and sports activities. 
In 2024, 872 employees used the influenza vaccine, 
and physiotherapist and chiropractic treatment were 
offered four days a week, with 881 treatment hours with a 
chiropractor and 687 hours with a physiotherapist. All HSE 
measures will be continued in 2025. In addition, through 
the project "Robust and in work", we will make further 
assessments of our overall welfare services to ensure that 
the composition and use of the services have the desired 
effect.
Metrics [S1-14, S1-15]
Results from 2024 show low sick leave and positive 
feedback from employees. We reached our target for sick 
leave, with a result of 3.3 per cent in Norway and 2.0 per 
cent in Sweden. 
There have been no reported personal injuries, material 
damage or accidents in the company in 2024.
Our health and safety metrics, including the percentage 
of employees covered by our HSE system and 
recordable work-related sick leave, remain at stable 
levels. Improvements are measured as a reduction in 
reported incidents and through our goal of having a score 
above 8 related to employee feedback on the working 
environment. 76) The HSE module in our employee survey 
gave a score of 8.3 out of 10. This is 0.3 points above the 
average (benchmark) for the financial industry globally. 77) 
Comments from the latest survey highlight that many 
employees appreciate the flexibility that working from 
home provides, especially when it comes to balancing 
work and leisure time. Several mention that they receive 
good support from their immediate managers and 
colleagues, especially in difficult situations. It is also 
mentioned that some managers are particularly good at 
listening and supporting their employees. Some people 
find that physical surroundings in the workplace, such 
as air, light, noise and chairs, could improve, but many 
appreciate Storebrand's health and well-being offerings. 
At the same time, we see an increase in expectations for 
mental health support and better training opportunities.
Health and safety metrics 78) 
 
2024
2023
Targets
Percentage of people in our 
workforce who are covered 
by health and safety 
management systems 
100 %
100 %
 
Sick leave (Norway)
3.3 %
3.2 %
<3.5 %
Sick leave (Sweden)
2.0 %
2.1 %
<3.5 %
Storebrand prioritises work-life balance, emphasising 
flexible solutions and family-related leave. In 2024, 
all our permanent employees had the opportunity to 
take such leave, in line with the main agreement for the 
financial industry in Norway, corresponding contractual 
arrangements in Sweden, and relevant local agreements in 
other countries where we operate. A total of 19 per cent of 
permanent employees used the leave of absence – 22 per 
cent women and 16 per cent men. 
Proportion of eligible employees taking 
family-related leave
 
2024
2023
Women
22 %
27 %
Men
16 %
18 %
Other
-
New
Not disclosed
-
New
Total
19 %
23 %
76)  The HSE system covers all employees, including permanent and temporary employees, apprentices and external consultants who work on our premises or on our projects. For 
consultants and temporary employees, we ensure that relevant HSE guidelines, training and information are made available during the onboarding process and ongoing follow-up. This 
gives everyone who works for Storebrand access to a safe and health-promoting working environment.
77)  The benchmark represents the average engagement among all companies in the financial industry globally that use the Peakon platform. More information about the benchmark 
settings is available on Workday's website: https://doc.workday.com/peakon/en-us/workday-peakon-employee-voice/general/benchmark-settings/anc1654247880868.html.
78)   According to the Working Environment Act, we have a duty to ensure the working environment of all employees. In this context, we understand HSE systems as guidelines/processes 
that ensure HSE. Sickness absence is measured as a percentage of total absence during the calendar year. The baseline for the measurement is sickness absence data from 2023, and the 
development is monitored quarterly. Sick leave in Norway includes sick child days. Sick leave in Sweden does not include sick child days.

161    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Storebrand's ability to deliver financial wellness and 
security is crucial to attracting customers. We want to offer 
and develop products and services that meet different 
needs and life situations of businesses and individuals 
and ensure these are easily accessible through digital 
platforms and personal advisory.
Impacts, risks and opportunities [SBM-3]  
Through the Group's double materiality process, we have 
identified our material impacts, risks and opportunities 
related to consumers and end-users. 
We shall take into account consumers and end-users who 
we consider to be materially impacted by the company's 
activities and operations, in accordance with ESRS 2. This 
includes impact related to our operations, value chain, 
products, services and business relationships. 
All our customers and customer groups could be 
significantly impacted by the factors below. Customers 
not familiar with financial products, or who are financially 
vulnerable, may be significantly impacted if they do 
not receive accessible information about our products, 
including the associated risks and opportunities. 
Consumers and end-users at risk of falling outside the 
labour market can benefit positively from access to our 
disability insurance products.
Interaction with strategy and business model
Actual and potential impacts on customers and end-
users are directly linked to Storebrand's strategy and 
business model. Storebrand offers a wide range of 
financial products and services. Through our pension, 
savings, insurance, and banking solutions, we help our 
customers manage both expected and unforeseen life 
events, providing increased security and safeguarding 
their financial interests. Ongoing assessments of material 
impact are integral to our long-term business model. 
These insights are incorporated into our strategy and 
business development processes to enhance positive 
impact on customers, end-users, and other stakeholders, 
while mitigating negative impact. 
We follow up metrics 79) for the topic Consumers and end-
users, presented in the tables in the following chapters. 
Topic
Description of material impacts, risks and opportunities
Access to products 
and services
Storebrand has a positive impact on consumers and end-users by making a wide range of financial services and 
products available. This contributes to financial wellness and security, as well as social inclusion. We will make 
products and services available to all customer groups. This is especially important for insurance products, 
which protect against financial, physical, or health incidents. By making products available to prevent illness and 
disability among employees at Storebrand's corporate customers, we may help reduce social exclusion.
Efficient processing of insurance claims is essential to recover claims quickly, which can be achieved through 
digitalisation and automation. Simple and seamless services, as well as good customer care, can increase 
customer satisfaction. Storebrand offers financial security to customers through products and services related 
to savings and pensions. Our ability to deliver good results and customer experiences is critical to attracting 
customers. 
Access to quality 
information and 
responsible 
marketing practices
Storebrand has a positive impact by providing high-quality information to consumers and end-users. Good 
advice can be crucial for customers in various financial situations and can help strengthen the customer's 
financial health. 
We have a potential negative impact in the event of poor communication or low-quality information. This can 
lead to customers not understanding the terms and conditions, the risks associated with a product, or the 
coverage provided by an insurance policy - and therefore not matching the customer's preferences/tolerances.
Evolving consumer and end-user preferences and behaviour constitute a risk for us. If Storebrand fails to capture 
new trends, including those related to sustainability, it may create a gap between customer preferences and our 
product offerings. There is a risk that information is inconsistent or of low quality, which may create ambiguity, 
dissatisfaction or contribute to greenwashing. Increased complexity in financial products gives Storebrand an 
opportunity for good communication and advice to consumers and end-users. This also applies to advice on 
how sustainability preferences can be realised in good investments. If Storebrand does not act in line with our 
values and regulations for sustainability, there could be a risk of a breach in trust and trigger accusations of 
greenwashing. This is associated with reputational damage and regulatory sanctions.  
Privacy
New technology and smart use of information and personal data enables us to understand our customers and 
their needs. Processing personal data is necessary to be able to provide products and services. Inadequate 
handling potentially effect our customers negatively. Cyber-attacks and other types of incidents may lead to 
personal information being compromised. Data leaks can have serious consequences for our customers. Leaked 
personal data may lead to reputational damage, customers choosing other financial services providers, and 
sanctions from supervisory authorities. 
79)  The data has been validated by the external auditor and not by any other external body.
Consumers and end-users 
[ESRS S4]

162    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Access to products and services
Our approach [S4-1, S4-2]   
Policies
Storebrand has a Code of Conduct describing our 
business practices, with particular emphasis on respect 
for human rights, responsible marketing and customer 
care. We follow international standards such as the UN 
Guiding Principles on Business and Human Rights, the 
ILO's Declaration on Fundamental Principles and Rights 
at Work, and the OECD Guidelines for Multinational 
Enterprises. Our Code of Conduct covers our interaction 
with customers and end-users. We have established 
guidelines to operationalise the policy. Our policy for 
sustainability work defines roles and responsibilities 
for sustainability, including in products, product 
development, sales, marketing and distribution. The policy 
has been adopted by the Group Board of Directors and all 
underlying subsidiaries. 
Processes
Customer feedback 
The combination of digital solutions, personalized advisory 
services, and customized savings and insurance products 
meets the diverse needs of our customer groups. We 
use surveys, interviews, behavioural testing, and focus 
groups to involve customers early in the development 
process, ensuring their specific needs and preferences 
are understood and addressed. Our SMS-feedback 
system linked to customer phone calls helps evaluate the 
effectiveness of our dialogue with customers who do not 
want or cannot use digital solutions. 
Customers also provide feedback using our scoring tools 
and comments about their own customer experience, 
as well as through customer satisfaction surveys such as 
the Norwegian Customer Barometer and EPSI. Customer 
feedback is collected through channels such as online 
banking, mobile banking, our corporate portal, customer 
service and customer surveys, allowing us to adjust our 
services and processes in line with customer needs. We 
also use digital tools that simulate different scenarios 
and test how customers interact with our services and 
products. This provides valuable insights for improving the 
user experience.
The digital investment platform Kron runs user-tests 
throughout the product development process, meaning 
customers are involved in product development. 
Since 2022, Storebrand has maintained a clear and 
targeted focus on reducing disability and social exclusion, 
working on several pilot projects for preventive services. 
These pilots have included surveys among all Storebrand's 
corporate customers, in-depth interviews with 
companies, and discussions with individual managers and 
participants. Participants have assessed the perceived 
effectiveness of the measures, and the findings and 
feedback are used to further develop our products.
Customer engagement
The principle of "customer first" underpins our customer 
engagement and is reflected in our service standards: 
"Trustworthy", "Caring", "Enthusiastic" and "Efficient".
For those who prefer or need non-digital solutions, we 
offer paper-based services like form-based payments and 
bank statements. Our manual customer service is available 
by phone, and our authorised loan advisors provide 
personal advice to credit or mortgage customers. We 
maintain a conservative credit rating in accordance with 
Norwegian law and best practices. All mortgage advisors 
are authorised in credit and personal insurance, ensuring 
the best possible care for our customers' interests and 
needs.
Targets and actions [S4-5, S4-4]
Targets
Our brand awareness reflects how our customers 
perceive Storebrand and our products and services in 
terms of relevance and accessibility. Our 2025 target is 
to increase our brand awareness by 2 percentage points 
among Norwegians, meaning the proportion who mention 
Storebrand as one of the top three companies in a broad 
financial category. 
Our target for 2025 is for decision-makers in Norwegian 
companies to mention Storebrand as the top company 
within a broad financial category. Storebrand was ranked 
number one in this area in both 2023 and 2024, and 
we continue to work to ensure that even more decision-
makers include Storebrand in their selection.
To ensure good and accessible advice, our ambition is that 
70 per cent of our savings, banking and insurance advisers 
in Norway will be authorised. In Sweden, all advisers are 
authorised, in line with requirements from the authorities.
In the area of disability insurance, the main objective 
in 2024 was to complete the piloting of preventive 
services and use insights for further development, 
operationalisation and scaling of the service offering. In 
2025, we aim to scale up and make the services available 
to 50,000 insured people. 

163    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
All assessments and evaluations of progress within the 
targets are based on last year's benchmarks, as well as 
historical developments and market developments where 
relevant. We assume market share and market position 
data are measured using the same method as in the 
previous survey, with the method continuing to be based 
mainly on volume and premium figures from publicly 
available sources and some internal statistics.
Actions  
Services accessible to more people  
The digital investment platform Kron makes investments 
accessible to everyone. Kron has a customer base that is 
more gender-balanced than the industry average. Kron has 
been Storebrand's investment app since January 2023 
and was integrated into Storebrand Bank in 2024. Kron 
has had Norway's most satisfied investment customers in 
both 2023 and 2024. Of the app's 100,000 customers, 
53 per cent actively use the Kron app every week, and 23 
percent visit daily.  
Efficient and automated distribution and service
Efficient digital customer experiences lead to more 
satisfied and loyal customers. Digital services and 
automated processes are essential for efficient distribution 
and service. In 2024, Storebrand Bank began investing in 
robotic process automation (RPA). We now have over 30 
robots in operation and plan to develop more than 20 in 
2025. We have achieved a 25 per cent automation rate in 
our banking services, reducing processing time from up to 
one week to same-day credit card approvals. Our ambition 
for 2025 is to continue automating and streamlining 
processes to deliver faster, more efficient, high-quality 
service.
We have digital advisors in both pension and insurance 
authorised by the Financial Industry's Authorisation 
Scheme. In 2024, around 85 per cent of customers 
reported claims digitally. We have also increased our 
availability in claims cases where there is a need for 
follow-up by a regular adviser. 
Efficient customer service
Storebrand prioritises investments in technology to ensure 
customers can easily reach us through their preferred 
channels and increase self-service options. Artificial 
intelligence is a key investment, including the development 
of a chatbot to assist advisors with regulatory lookups and 
procedures for more efficient customer service. 
We also leverage big data, machine learning, and AI 
to enhance predictive models for insurance claims, 
disability, and risk, boosting profitability. Structuring 
customer data across systems enables faster, more 
precise decision-making and allows for tailored, proactive 
recommendations to customers. 
Since 2020, Salesforce has been our primary platform for 
customer follow-up. By 2024, the integration of personal, 
corporate, and institutional customer services into the 
platform was complete. The further development of digital 
solutions is central to our corporate market service. We 
assist customers with purchasing pension and insurance 
services through our Company Guide, while also helping 
them manage agreements on behalf of their employees in 
the Company Portal. In 2024, non-life insurance products 
became available in the Company Portal, providing 
business customers with a comprehensive overview of all 
customer relationships in one place.
Products to increase employment and counteract 
negative developments in disability
To strengthen efforts to reduce disability, several pilot 
projects were launched in Norway in 2023 as part of a 
strategic initiative. The work has continued throughout 
2024, and the aim is to address societal challenges related 
to disability, while creating positive results for individuals, 
corporate customers and Storebrand as a company. So 
far, around 600 individuals have received help through 
the pilot projects, and the results are promising. In 2025, 
the new service, VEL, will be scaled out to the market. In 
the long term, the ambition is that the initiative will also be 
launched in Sweden. 
Metrics [ESRS 1 par. 11]
See the table in the "Metrics" section under "Access to 
quality information and responsible marketing practices" 
for 2024 results. 

164    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Access to quality information and 
responsible marketing practices
Our approach [S4-1, S4-2]
Policies
Storebrand has a policy for information, sales and advice, 
which has been adopted by the Board of Directors of 
Storebrand ASA and applies to all subsidiaries in the 
Group. It stipulates principles for information, sales and 
advice related to the Group's products and services and 
apply to employees, external distributors and partners, 
both for in-person and digital interactions. The policy 
outlines roles and responsibilities, as well as requirements 
for the knowledge and competence of employees 
who provide information to customers. In 2024, the 
Group introduced a guideline for the design and quality 
assurance of marketing communication to operationalise 
the policy. The guideline is owned by the CEOs of the 
Group's subsidiaries. 
All marketing must be carried out in accordance with good 
marketing practice aligned with Section 2 of the Marketing 
Act and must be presented in a balanced, understandable 
manner,  adapted to the target group. It should not mislead 
the consumer. 
The Group introduced a guideline for sustainability 
communication in 2024, which is owned by the Senior 
Vice President Communications. The purpose is to ensure 
that all employees working with sustainability-related 
communication and marketing adhere to applicable 
legislation, guidelines from supervisory authorities, and 
internal regulations. The guideline is followed by an easy 
to access guide for sustainability communication related to 
our products, services and brand. The guide is available to 
all employees on the intranet. 
Legislation and industry standards set clear requirements 
for our advisory services. Our policies address formal 
requirements for sales and advisory services outlined 
in MiFID II, IDD, the Financial Institutions Act and the 
Securities Trading Act. The directives prioritise the 
customer's interests, ensuring that sales and advice 
are need-based and that customers receive sufficient 
information to make informed decisions before entering 
into agreements. As a member of FinAut, we adhere to 
the industry norm Code of Good Practice for advisory, 
information, guidance, and sales. This includes adopting 
requirements for the authorisation of advisers and digital 
solutions, ensuring that advisers complete authorisation 
within a specified timeframe.
Processes for engaging with consumers and end-users 
To ensure that marketing efforts resonate well with 
the target groups, we use several methods to analyse 
customer feedback and adjust measures accordingly. 
Test groups are used before launching new marketing 
initiatives. After launch, we measure engagement 
through parameters such as click-through rate, number of 
impressions and overall engagement. The data indicates 
how well the measures work and whether they meet 
customer expectations. We also use mailing surveys 
and direct feedback from customer centres. We conduct 
customer surveys twice a year for retail customers in 
insurance, banking and savings. 
We integrate insights from all initiatives into our decision-
making processes, allowing us to adjust our marketing 
efforts. This applies to our messaging in campaigns, 
articles in media collaborations, emails to customers and 
PR.
Targets and actions [S4-5, S4-4] 
Targets
Measuring customer satisfaction helps us understand if 
our communication is effective and meaningful. By 2025, 
we aim to increase customer satisfaction by one point 
across all areas of the retail market. For the corporate 
market, our goal is to be ranked number 1 out of 5 in 
customer satisfaction among pension companies in 
our own business leader survey and to increase by one 
percentage point in the EPSI survey for pensions. 
Within the corporate insurance market, our goal is to 
increase customer satisfaction. We aim to increase our 
market share in all areas for both the retail and corporate 
markets by 2025.
 
To achieve our goals, such as improving brand recognition 
and customer satisfaction, we conduct regular status 
meetings, evaluating progress, adjusting goals if necessary, 
and developing new approaches to address challenges. 
Our marketing initiatives are reviewed and summarised 
quarterly, evaluating engagement with target groups, click-
through rate (CTR), conversion of sales leads, and reading 
time. Feedback received through internal and external 
market research gives insight for improvements. Based on 
this, we set relevant, specific and measurable targets for 
each area, monitored by management within the various 
business areas. To assess progress in brand recognition 
and customer satisfaction, we begin with benchmarks 

165    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
from the previous year and compare them to market 
developments. In 2024, several customer satisfaction 
targets were not met, with EPSI scores in insurance, 
banking, and pensions declining. The Group has been 
working to increase customer satisfaction over a longer 
period, but we acknowledge that this takes time. We 
assume that brand recognition and customer satisfaction 
are measured consistently with previous surveys, ensuring 
that NPS and EPSI do not alter their data basis or methods 
between different measurements. Qualitative goals are 
measured through the development of products and 
services that improve customer experience, and success 
is evaluated through the effectiveness of processes and 
feedback from our customers.
Actions
Marketing
Using insights to improve measures
We leverage insights from customer and market research 
to shape our marketing strategies. In January 2024, 
the "New Year and New Opportunities" campaign was 
based on the insight that around 3 million Norwegians 
make New Year's resolutions, with about half focusing on 
personal finances and savings. This campaign successfully 
contributed to customer growth and new investors in 
Kron. Another example from 2024 is the advertising test 
following the "Be Prepared for Surprises" campaign, which 
initially showed a low sender identity. Adjustments in the 
next campaign round increased the sender identity by 22 
percentage points. 
Good suggestions and advice
We build valuable market knowledge by offering practical 
suggestions and advice, including tips on avoiding 
common damages. This is achieved through marketing 
initiatives and direct communication with our customers. 
A successful example is the 2024 bed bug campaign, 
which won gold in Media Creativity at Medieforum's annual 
awards. Customers appreciate receiving helpful advice 
on damage prevention, and we plan to continue sharing 
such insights in 2025. Across all product categories, we 
enhance general knowledge about financial products and 
services through collaborations with external parties, 
webinars, video content, and calculators. These efforts 
reach a broad audience, including personal and corporate 
customers as well as general consumers.
Sales & advisory
Simplify communication 
Customers could find terms and conditions difficult to 
understand. Therefore, clear communication and easy-
to-understand presentation of products and services 
are essential for reducing Storebrand's negative impact 
on customers and end-users. We have initiated a 
simplification project for non-life insurance in the retail 
market, reviewing all terms and conditions to ensure they 
are easier to understand for customers, salespeople, and 
claims settlement staff. We have also standardised and 
simplified information related to insurance coverage, 
utilising AI. Positive feedback from customers and 
sales and advisory staff has encouraged us to continue 
simplifying our communication going forward. 
Internal controls
We work systematically with internal controls for advisory, 
ensuring that we have the desired quality in deliveries and 
that the customer's needs are put first. We follow up any 
deviations systematically. We have implemented assistant 
roles in the sales systems to ensure additional control of 
sales processes before ordering. We also carry out regular 
sample checks to uncover whether the customer could be 
incorrectly insured. Deviations are corrected and used as a 
basis for training.
Customised advice
We have established a common recommendation logic 
within insurance, which will ensure that our advice is the 
same regardless of advisor. For customers who choose 
advisory and purchases online, we have developed 
an online adviser who collects information and makes 
recommendations based on the same logic as our 
advisers. Storebrand's purchase solution for personal 
insurance was the first in Norway to be authorised in the 
Financial Industry's Authorisation Schemes. This will 
help to ensure that we have sufficient information about 
customers to provide good advice and that the advice is as 
similar as possible, regardless of channel.
Handling complaints
To ensure the best possible experience for customers 
in the event of complaints, we established a complaints 
manager for insurance coverage in 2024. The purpose 
is to give customers confidence that their cases will be 
reassessed fairly and to create an efficient complaint 
handling process. This will provide insight into recurring 
issues, which we will use to improve the customer 
experience.
Metrics [ESRS 1 par. 11]
Market share, market position, customer satisfaction and 
brand position in pension and insurance are indicators of 
whether we are succeeding with our targets and initiatives. 
Insights from surveys indicates how consumers and 
end-users rate our performance in relation to their 
expectations, as well as our competitors. 

166    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Brand position and customer satisfaction 80)
 
2024
2023
Targets 
2025
Brand position 81): Norwegians who mention Storebrand as one of top three companies in a broad 
financial category (position)
No. 5
No. 5
N/A
Brand position: Norwegians who mention Storebrand as one of top three companies in a broad 
financial category (share)
21 %
21 %
+2 pp.
Brand position: Decision-makers in Norwegian companies who mention Storebrand as one of the 
top three companies in a broad financial category (position)
No. 1
No. 1
No. 1
Brand position 82): Decision-makers in Norwegian companies who mention Storebrand as one of 
the top three companies in a broad financial category (share)
46 %
45 %
+1 pp.
Customer satisfaction (Net Promoter System): Retail Market, Norway
No. 5
No. 4
Top 3
Customer satisfaction (EPSI): Insurance, retail market, Norway 
67.1
68.4
+1 point
Customer satisfaction (EPSI): Banking, retail market, Norway
64.7
65.5
+1 point
Customer satisfaction (EPSI): Savings & Investments, retail market, Norway (Storebrand)
66.9
65.3
+1 point
Customer satisfaction (EPSI): Savings and investments, retail market, Norway (Kron)
76.3
New
+1 point
Customer satisfaction (EPSI): Savings and Investments, retail market, Norway (Skagen)
70.8
New
+1 point
Customer satisfaction: Pension, corporate market, Norway 
No. 1
No. 1
No. 1
Customer satisfaction (EPSI): Pension, corporate market, Norway 
60.8
62.6
+1 point
Customer satisfaction (EPSI): Insurance, corporate market, Norway
66.5
68.7
Increase
Customer satisfaction: corporate market, Sweden
No. 2
No. 2
Top 3
Share of women: fund-based savings 83)
47 %
45 %
Increase
Market share and position 84)
 
2024
2023
Targets 
2025
Market share: Mutual funds, Asset Management, Sweden
6 %
6 %
Increase
Market share: Mutual funds, Asset Management, Norway 
17 %
17 %
Increase
Market share: Savings, retail market, Norway
18 %
21 %
Increase
Market share (lending): Bank, retail market, Norway
3 %
2 %
Increase
Market share: Insurance, retail market, Norway
7 %
6 %
Increase
Market share: Pension, corporate market, Sweden
16 %
16 %
Increase
Market share: Pension, corporate market, Norway
29 %
30 %
Increase
Market share: Insurance, corporate market, Norway
2 %
3 %
Increase
Market position: Savings, retail market, Norway
No. 2
No. 2
N/A
Market position: Insurance, retail market, Norway
No. 5
No. 5
N/A
Market position: Insurance, corporate market, Norway
No. 9
No. 9
N/A
Market position: Pension, corporate market, Norway
No. 2
No. 2
No. 1
Customer complaints 85)
 
2024
2023
Number of complaints processed by the Financial Complaints Board ("Finansklagenemnda")
169
New
80)  We get customer satisfaction data from measurements such as NPS and EPSI where the customer scores us from 0 to 10.
81)  Brand position is stated as the proportion of decision-makers in Norwegian companies who mention Storebrand as one of the first 3 companies they come to think of when asked 
the question "Which companies that offer pensions and insurance to companies and businesses in the private sector do you know of?".
82)  Figures for 2023 have been updated as a result of the fact that the data are now weighted according to the number of employees (proportionally according to the actual distribution 
in the business register in Brønnøysund). Previously reported figure (share) was 49%.
83)  Figures including Storebrand, Kron and SKAGEN.
84)  Market share and market position data are mainly based on volume and premium figures from publicly available sources and some internal statistics.
85)  The figures apply to our Norwegian enterprises, as these are complaints processed by the Financial Services Complaints Board. SPP is not included here. 

167    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Privacy
Our approach [S4-1, S4-2]
Policies
Our policy for the processing of personal data has 
been adopted by the Board of Directors of Storebrand 
ASA and apply to all underlying companies. The policy 
contains purpose limitation, description of roles and 
responsibilities, and requirements for the processing of 
personal data. 
The CEO of the subsidiaries are responsible for 
implementing the adopted policy in their organisation. 
This is done by the company's management with the 
assistance of a data protection officer.
Routines 
The CEO for each legal company in the Group, is 
responsible for all processing of personal data in their 
respective company. This includes ensuring that internal 
control procedures are implemented and that these 
are regularly reviewed. All managers are responsible 
for ensuring that employees with access to personal 
data have the necessary expertise and qualifications to 
safeguard our customers' privacy. Managers must ensure 
that employees comply with our internal regulations for 
information security. 
Through our internal controls system, we set requirements 
for, verify and improve the processing of personal data in 
our own work processes, customer solutions and partner 
collaborations. This is a continuous process. Through 
data processing agreements, we set requirements for how 
external partners shall process personal data on behalf of 
Storebrand. Follow-up of external partners is integrated 
into the internal controls system.
Our customers and employees are informed about how 
their personal data is processed in our privacy statement. 
It is available on the Group's website and for employees on 
the Group's intranet pages. 
If a breach of personal data security occurs and the risk 
to our customers is assessed as medium or high, we will 
contact our customers directly. In such cases, we inform 
the customers, what measures we have taken, and if 
necessary, what actions the customer should take to 
protect their personal data.
All employees must complete basic training in data 
protection annually. Completion figures for our common 
basic training program can be found in a separate table. 
Customised training is carried out at the department level 
as needed. We have a network of data protection advisors 
who provide advice and customised training, as well as 
assisting with operational compliance work within each 
business area. 
Should an incident occur in which risk to personal data 
security is of such a dimension that our customers must 
be informed, the most appropriate information channel 
will be assessed in each individual case. Communication 
will focus on how the customer can protect their personal 
data and recommended measures. We update our privacy 
policy at least annually and whenever significant changes 
are made to the use of personal data. Our online customer 
portal gives each customer a better overview of their 
privacy settings and the opportunity to make changes 
to their consents or reservations. On our website 86), we 
have a separate page that describes how we work with 
privacy, where our privacy policy can also be found. On 
the same page, we provide advice and recommendations 
to customers on secure communication and how they can 
protect themselves against online fraud. 
86)  For more information on digital security and privacy: Security and privacy - Storebrand

168    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Targets and actions [S4-5, S4-4] 
Targets
Our ambition is to engage our customers and build 
long-term relationships through first-class customer 
experiences across all channels. Therefore, we will 
safeguard our customers' rights in line with the Personal 
Information Act 87). 
We aim to ensure good security measures, a well-
established data protection framework that is technology-
neutral and well-known in the organisation, and good 
compliance. Our employees should know how personal 
data should be handled responsibly in their daily work.
 
Actions
The protection of personal data is integrated into our 
internal controls systems and risk management processes. 
We continuously assess the privacy risks to which our 
customers are exposed, and new technology such as 
artificial intelligence is assessed before general use and 
linked to the individual model that is established.
Our approach to securing personal data and other types 
of information, against illegal and unwanted activity, is 
described in the section "Business conduct". Should an 
incident occur in the processing of personal data, steps 
are taken to close the non-conformity and possibly the 
underlying error. If the incident is of such nature that the 
risk to the data subject is significant, we will notify the 
person in question.
Metrics [ESRS 1 par. 11]
Incidents are reported and followed up on an ongoing 
basis in accordance with internal and external regulations. 
Storebrand did not receive any fines, warnings or orders 
for improvements from the Norwegian Data Protection 
Authority/ Swedish Authority for Privacy Protection in 
2024.
Privacy metrics
 
2024
2023
Number of privacy incidents 88)
161
241
Number of non-conformance reports 
to the Norwegian Data Protection 
Authority
18
42
87) The Personal Data Act consists of national rules and the EU's General Data Protection Regulation (GDPR). 
88)  A privacy incident is an incident where there has been non-compliance with the privacy policy.

169    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Governance 
information

170    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Our overall compliance with statutory and voluntary requirements is fundamental to the Group's work in setting the 
agenda for sustainable finance.
Impacts, risks and opportunities [SBM-3]
Business conduct [ESRS G1]
Topic
Description of material impacts, risks and opportunities
Corporate culture
We have a positive impact through our corporate culture, fostering open communication, trust and respect 
through good governance mechanisms. Storebrand's emphasis on corporate culture also extends to our 
business partners and their practices.
Corruption
We may impact negatively if Storebrand becomes involved in corruption. The trust our customers and 
the public have in us, as well as in the financial industry as a whole, would be negatively impacted by any 
potential corruption case, and could also lead to fines.
Money laundering and 
terrorist financing
Storebrand has a potential negative impact if we are misused in criminal offences such as money laundering 
and terrorist financing. There is a systematic risk in the financial industry of indirectly contributing to money 
laundering or other types of economic crime, entailing significant negative consequences for society.
Risk of exposure to financial crime, which can lead to both reputational and financial consequences for 
Storebrand.
Information security
As a financial institution, our digital solutions and infrastructure are critical to society. We manage large 
amounts of information and assets, making us an attractive target for threat actors.
Cyberattacks are becoming increasingly sophisticated, and a hybrid workday increases the risk of unwanted 
activity. Such attacks can jeopardise customer trust, lead to loss of service and result in high costs.
Relationships with 
suppliers 
We can have a positive impact by effectively influencing our suppliers towards sustainable practices while 
maintaining strong supplier relationships.
Political engagement 
and lobbying activities
Storebrand has a positive impact through our involvement in shaping public policy, utilising our position 
as a significant investor and asset manager in a Nordic context. We have an opportunity through positive 
reputational benefits from our political involvement.
 
There is a risk of reputational damage if our political commitments are not aligned with our own policies and 
we are perceived as inconsistent in our position.

171    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Corporate culture [G1-1]
Our approach
To build and maintain the trust of our customers, 
shareholders, authorities and society at large, we are 
aware of how mechanisms for management and control 
contribute to shaping the corporate culture at Storebrand. 
This is about the values we promote, how each employee 
behaves and how we facilitate compliance with internal 
and external regulations. Our culture influences how we 
interact and make decisions.
 
At Storebrand, we prioritise building and maintaining an 
open corporate culture, and we have various mechanisms 
in place to evaluate and develop this work. We do this, 
among other things, by developing our employees' skills, 
and conducting regular pulse surveys (Peakon), read 
more in the section "Own workforce". We are continuously 
enhancing our management system by identifying and 
addressing risks related to employees' capacity and 
expertise, internal irregularities and various forms of 
financial crime. 
We monitor metrics 89) for the topic Business Conduct, 
presented in the tables below and in the following 
chapters. 
Targets and actions
Targets
All employees shall be familiar with and comply with 
external and internal regulations through various forms 
of training and information, including within ethics, 
information security, supplier management and combating 
money laundering and corruption. This also applies to 
industry-related policy engagement.
Actions 
Internal regulations
Storebrand's management system supports efficient 
operations in line with adopted principles and goals. The 
framework consists of policies, guidelines and procedures, 
with policies providing overarching principles, guidelines 
providing operational guidance, and procedures providing 
detailed instructions. This structure connects strategic 
goals with practical execution and ensures compliance 
and quality.
 
To provide employees with good guidance on business 
ethics-related issues, we have established policies 
for ethics, anti-corruption, anti-money laundering 
and terrorist financing, digital security, operations and 
development, and sustainability. Together, the policies are 
a framework for ethical standards and principles, the use 
of digital solutions and secure information management, 
as well as measures for detecting money laundering and 
terrorist financing. The policies are reviewed and approved 
at least annually and in the event of major changes, by the 
Board of Directors of Storebrand ASA and of all companies 
in the Group subject to reporting obligations.
 
Each policy has procedures providing specific guidance 
on topics such as anti-corruption, anti-money laundering, 
information security and human rights and working 
conditions.
 
Training
The policies are communicated to employees through 
internal training programs and regular updates. All 
employees, including administration and management, 
complete basic training in sustainability, anti-money 
laundering, privacy, digital security, anti-corruption and 
ethics annually. New hires complete the basic training 
as part of their onboarding process. The basic training is 
available to board members and is carried out as part of 
the board members' annual competence development. 
 
All managers are responsible of ensuring that each 
employee completes training and annually confirms that 
they have read our code of conduct and safety rules.
 
Detailed and customised training is carried out for selected 
employees in the areas of anti-money laundering and 
terrorist financing and information security.
The compliance function is responsible for the basic 
training program, intranet pages, and general information 
and counselling. Customised training is purchased or 
developed by relevant specialist areas.
Whistleblowing
If employees uncover objectionable conditions, they are 
encouraged to report it internally or through our external 
whistleblowing channel. To ensure whistleblowing is 
followed up objectively and within a reasonable time, 
89)  The data has been validated by the external auditor and not by any other external body.

172    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Storebrand has established a whistleblowing council. The 
council follows its own policies for handling and following 
up reported breaches of ethical rules, possible corruption 
cases or cases involving internal misconduct. The nature 
and scope of the case constitute a significant basis for 
further processing. Representatives must withdraw if they 
are biased based on their professional roles to ensure that 
they are not directly involved in the cases they deal with. 
The number of cases processed by the council is stated 
in the table below. The consequences of whistleblowing 
are assessed on a case-by-case basis. Any violations are 
followed up by managers in the areas where they occur 
and by HR. In our Code of Conduct, we have established 
a sanction matrix. Whistleblowing should never lead to 
retaliation and the identity of the whistleblower should 
always be treated confidentially. If it is necessary to name 
the whistleblower, the whistleblower must approve this 
in advance. The purpose is to protect against retaliation, 
ensure the right of defence and ensure that all information 
is treated confidentially.
 
The Board of Directors is informed of reported incidents in 
accordance with the adopted policies for whistleblowing. 
We are also continuing these measures in our work for 
2025 and beyond. 
Corporate culture metrics
 
2024
2023
Number of breaches of the Code of 
Conduct 90)
4
0
Basic training completed (share of 
employees)
94%
New
90)  Violation of ethical guidelines (Code of Conduct): Definitions of corruption, internal fraud, other breaches of ethical rules, and discrimination, which we refer to as violations of the 
Code of Conduct. Corruption: Misusing one's position to gain personal or business advantages for oneself or others. Internal fraud: Performing actions with the intent to enrich oneself or 
one's close associates at the expense of Storebrand and/or Storebrand's customers. Other breaches of ethical rules: Violations of internal or external regulations that are covered by and 
have consequences in accordance with the sanctions matrix in Storebrand's ethical rules. Discrimination: Differential treatment based on gender, pregnancy, leave for birth or adoption, 
caregiving responsibilities, ethnicity, religion, beliefs, disability, sexual orientation, gender identity, gender expression, age, and other significant personal characteristics.

173    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Anti-corruption [G1-3, G1-4]
Our approach 
The trust our customers and the outside world have in us, 
but also in the broader financial industry, will be negatively 
affected by a possible corruption case. It is vital for us to 
promote ethics, active ownership and accountability as it 
helps counter corruption. 
At Storebrand, we have zero tolerance for corruption and 
other financial crimes. We work continuously to identify 
areas at-risk of corruption. Increased risk has been 
identified, for instance, in connection with the granting of 
large public contracts, such as public sector occupational 
pensions and in connection with the establishment and 
renewal of business partnerships with private actors. 
Areas with higher risk undergo regular and more thorough 
risk assessments, followed by tailored measures. These 
measures are prioritised based on their criticality. 
Objectionable conditions or unacceptable behaviour 
should be discussed with the manager whenever possible. 
If the issue cannot be resolved, it should be reported 
and handled by the Whistleblowing Council. The council 
follows up on all whistleblowing cases in three phases: 
preliminary assessment, processing, and monitoring.
An important measure for detecting and countering 
corruption and other internal misconduct is that all 
employees and hired personnel receive basic training in 
anti-corruption. We have established a whistleblowing 
channel available to all employees, with the option of 
reporting anonymously. We also work systematically 
with our customers, suppliers, and business partners to 
ensure that there are no instances of corruption in our 
relationships with them, and that they adopt a conscious 
approach to countering corruption in their business. 
Storebrand's anti-corruption work is focused on 
prevention and is described in our anti-corruption 
policies. A key part of the policies is 13 control questions 
Storebrand has established for when employees are 
offered events, invitations or gifts. The topic is also 
included in our Code of Conduct. The anti-corruption 
course, part of annual training, gives employees insight 
into what corruption is, where it can occur, what internal 
and external rules apply, and what expectations we have 
of both employees and managers. 
Targets and actions
Targets
The risk target set by the Board of Directors is to ensure 
that Storebrand maintains a low risk of being unable to 
protect itself against serious crimes, including corruption.
Actions
All employees and hired personnel receive basic training 
in anti-corruption. 
We have established an internal set of rules that outline 
how employees can report suspicions of corruption, 
both through internal and external channels. We have a 
whistleblowing channel, available to all employees, with 
the option to report anonymously. 
We are continuing these measures in our work for 2025 
and beyond.
Metrics
During 2024, no suspected or actual cases of corruption 
or other breaches of regulations involving Storebrand's 
employees were reported.
Corruption and bribery metrics 
 
2024
2023
Total number of confirmed incidents of 
corruption or bribery
0
0
Number of convictions for violation of 
anti-corruption and anti-bribery laws
0
0
Amount of fines for violation of 
anti-corruption and anti-bribery laws
0
New
Number of confirmed incidents in which 
own workers were dismissed or disciplined 
for corruption or 
bribery-related incidents
0
0
Percentage of functions-at-risk covered by 
training programs  
94 %
New

174    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Countering and preventing money 
laundering and terrorist financing 
[G1-3, G1-4]
Our approach
Financial institutions like Storebrand have a special 
responsibility to prevent misuse in connection with 
criminal activities such as money laundering and terrorist 
financing. Our customers, owners, and society at large 
expect us to manage this responsibility exceptionally 
well. Through targeted actions we work to minimise any 
opportunities for criminal actors. The success of our 
work against money laundering, terrorist financing and 
other financial crime is crucial to realising our ambition 
to be a leader in sustainability. This requires systematic 
and continuous work, which we seek to achieve through 
continuous monitoring of the risk picture, basic training, 
clear policies and guidelines, effective working tools and 
ongoing follow-up of our customers.
Targets and actions
Targets
The risk target set by the Board of Directors is to ensure 
that Storebrand maintains a low risk of being unable to 
protect itself against serious crimes, including money 
laundering and terrorist financing. Storebrand shall act 
consistently and in accordance with relevant legislation, 
including the Anti-Money Laundering Act, to prevent and 
detect money laundering and terrorist financing, and to 
avoid our companies being misused for such purposes.
  
Actions
The target requires systematic and continuous work, which 
we seek to achieve through continuous monitoring of the 
risk picture, basic training, clear policies and guidelines, 
effective working tools and ongoing follow-up of our 
customers.
Through the basic training program, all Storebrand 
employees gain an understanding of possible risks, what 
rules apply and what is required of both employees 
and managers. A key mechanism is understanding how 
Storebrand's various companies can be exposed to 
misuse, and how we can prevent and uncover this. The 
Group and companies subject to reporting, assess the 
risk for money laundering and terrorist financing at least 
annually, and implement adapted measures. Measures are 
prioritised based on criticality. 
The organisational framework includes guidelines 
with requirements for the establishment and ongoing 
follow-up of customer relationships, regular checks for 
identifying suspicious transactions or behaviour, as well as 
competency-building activities for roles and functions with 
distinct responsibilities. All companies establish annual 
plans that include compliance controls and internal audit 
projects to ensure compliance with internal and external 
regulations.
We are continuing these measures in our work for 2025 
and beyond.
Metrics 
If we detect suspicious activity, this is reported (MT report) 
to the national Financial Intelligence Unit (FIU) which 
conducts further investigations. Where irregular behaviour 
or activity is reported, we have established guidelines for 
managing it. The number of reports from Storebrand has 
increased significantly since 2023. The increase can be 
attributed to strengthened resource allocation and further 
development of the anti-money laundering program. Sent 
reports include, among other things, suspicion of money 
laundering, terrorist financing, tax evasion, sanctions 
evasion as well as suspicion of work-related crime. 
Number of reports to Financial Intelligence Unit 
(FIU) 91)
 
2024
2023
Number of reports to national Financial 
Intelligence Units (FIU) (Norway and 
Sweden)
184
74
The Group’s Board of Directors as well as the boards of 
the companies subject to reporting, are kept informed on 
an ongoing basis about the risk picture, the quality and 
effectiveness of the anti-money laundering work and the 
number of MT reports submitted.
Storebrand is a member of Finance Norway's Economic 
Crime Committee. The committee closely cooperates with 
the Norwegian authorities and provides guidance to all 
member companies.
91)  Number of customers and customer relationships reported to national Financial Intelligence Units (FIUs) on the basis of suspicion of money laundering and terrorist financing.

175    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Information security 
[G1-3, G1-4]
Our approach 
As a financial institution, our digital solutions and 
infrastructure are critical to society. We manage large 
amounts of information and assets, making us an attractive 
target for threat actors. Cyberattacks are becoming 
increasingly sophisticated, and a hybrid workday increases 
the risk of unwanted activity. Such attacks can jeopardise 
customer trust, lead to loss of service and result in high 
costs.
Digitalisation and innovation are demanding ever higher 
standards of information security. To run good financial 
operations and increase innovation, secure and stable IT 
solutions are prerequisites. Potential cyberattacks are one 
of our biggest risks. The threat picture is characterised 
by organised crime and increased geopolitical tension. 
Technological development enables the distribution and 
automation of fraud, and increased targeting of attacks.
Targets and actions
Targets
The threat picture is characterised by organised crime and 
increased geopolitical tension. Technological development 
enables the distribution and automation of fraud, and 
increased targeting of attacks. 
We work continuously with information security to manage 
risk and strengthen resilience. 
The risk target adopted by the Board of Directors is that 
there should be a low risk that Storebrand is unable to 
protect itself against serious crime, including cyber-
attacks, and in recovering from security incidents.  
Actions
We have a robust system for security and emergency 
preparedness, which is based on three lines of defence, 
international standards and continuous improvement.
The Chief Information Security Officer (CISO) reports 
to the Board of Directors and management on security 
status and risks. Storebrand considers cyber risk as 
part of our overall risk assessment and reports to the 
Board of Directors monthly. It is also summarised in the 
risk assessment, which is assessed by the executive 
management and the board, including board committees, 
twice a year. The risk is also assessed in the annual ORSA 
report.
Policies for digital security, development and operations 
clarify roles and responsibilities and provide guidance 
for how we work with security in the Group. This includes 
requirements for risk assessment and internal controls, the 
handling and protection of information, skills and training, 
security in development and procurement. Our internal 
controls system for information security is based on 
standards such as ISO 27001 and NIST CSF. 
Through the internal controls system, we ensure 
compliance with regulations such as GDPR, DORA and 
other regulations that apply to financial and insurance 
companies. We conduct risk assessments, implement 
measures and audits. The measures are prioritised based 
on criticality.
We have a network of Resilience & Continuity Managers 
(RCMs) in all business areas, as well as Security 
Champions, helping incorporate security into our daily 
work. We have a dedicated team of ethical hackers who 
test and improve our software security through "purple 
teaming".
Our employees are an important part of the preventive 
safety work. We offer foundational digital and physical 
courses, presentations, regular phishing simulations, 
competitions and various activities to motivate and train 
our employees. This includes training for members of 

176    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
governing bodies and risk-exposed roles. At-risk functions 
include key people with extended access and those who 
are more exposed externally. The foundational course 
in information security provides employees with an 
understanding of common issues related to information 
security. They gain knowledge of the threat and risk 
landscape, and learn why it is important to safeguard the 
values we have, both for our customers and in our role as 
a corporate citizen. They are also informed of what to do if 
there is a discrepancy or they discover suspicious activity. 
We have a dedicated Computer Security Incident 
Response Team that scans for and handles attacks, 
threats, and vulnerabilities, and follows established 
guidelines for incident management, which are based 
on the SANS security incident framework, NIST Cyber 
security framework, and recommendations and guidance 
from FIRST. All incidents are reported and documented. 
Our ambition is to identify deviations and vulnerabilities 
before they develop into incidents with consequences. 
We participate in Nordic Financial CERT – a joint 
operations centre sharing information about threats and 
attacks between financial institutions. We also conduct 
regular crisis drills based on simulated cyberattacks and 
participate in the TIBER framework. 
92)  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. We provide information on the number of cases handled by the CSIRT, which we categorise as security deviations, incidents 
and vulnerabilities.
We are continuing these measures in our work for 2025 
and beyond.
Metrics
There is an increase in the number of information security 
incidents from 2023, which is due to improvements in 
our ability to detect incidents and in our internal control 
activities, as well as increased security testing. This 
enables us to identify deviations and vulnerabilities before 
they develop into incidents with consequences. These are 
incidents that could have consequences for Storebrand 
or others if they were not detected in time. All cases were 
handled before they had consequences for Storebrand, 
our customers or others.
Number of information security-related 
incidents 92)
 
2024
2023
Number of information security-related 
incidents
183
100

177    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Managing relationships with 
suppliers [G1-2]
Our approach
Storebrand shall ensure optimal procurement in terms 
of cost, quality, and user experience, in accordance 
with applicable regulations and internal policies. All 
purchases should align with Storebrand's sustainability 
ambitions and meet the requirements and expectations of 
authorities, employees, and partners.
When entering into new agreements, ESG assessments 
and/or due diligence should be carried out, in line with 
applicable external and internal regulations. This forms 
the basis for risk assessments of suppliers and ensures 
compliance with internal and external regulations. 93) 
Targets and actions
Targets
In line with our procurement guidelines and sourcing 
principles, we follow a systematic approach in 
selecting and managing suppliers. We have contractual 
expectations for our suppliers and business partners 
through our Supplier Declaration Sustainability 
Commitments, which include:
•	 Human rights: Compliance with the principles of the UN 
Global Compact.
•	 Working conditions: Prevention of social dumping and 
safeguarding decent working conditions.
•	 Health, safety and the environment (HSE): Ensuring 
good HSE standards in the supplier's operations.
•	 Climate change: Measures to reduce emissions and net 
zero targets by 2050. 94)
•	 Diversity: Promoting diversity within the company.
Our targets and expectations for suppliers related to 
climate change are described in the section "Climate 
change". 
New suppliers should sign our supplier declaration of 
sustainability commitments before entering into an 
agreement. If the supplier does not sign the declaration, 
we want the supplier to refer to corresponding practices 
described in the declaration. 
Actions
Storebrand shall not make new purchases of goods or 
services from companies that are on Storebrand Asset 
Management's exclusion list. 95) For new purchases, 
we ask for environmental certifications 96) as one of the 
assessment criteria.  
 
The guideline for procurement is based on the Group's 
governing policies and associated guidelines, which are 
revised annually.
 
Our approach can be summarised as follows:
 
•	 We choose - Sustainability is weighted at least 20 per 
cent in all procurement processes. Through supplier 
mapping, we give an advantage to those companies that 
work systematically with sustainability.
•	 We influence - We use our position as a buyer to 
influence suppliers and business partners to improve. 
We do this both when considering entering into new 
agreements and evaluating existing contracts.
•	 We exclude - We do not want to select suppliers, 
products or services that violate international 
agreements, national legislation or internal policies. This 
is described in our sourcing principles.
We have an internal procurement forum consisting 
of a committee advising and guiding the buyer in the 
assessment of suppliers. We conduct an annual survey 
of suppliers with contracts over NOK 1 million. As part 
of this, we have developed guidelines for managing our 
suppliers. We inquire suppliers about how sustainability 
is integrated into the strategy, goals and results for climate 
change and diversity, as well as how they manage human 
rights-related risk.  
Strategic suppliers are identified based on size and 
criticality and are followed up separately through annual 
"Top management meetings". A scorecard is prepared 
where reporting related to the environment and human 
rights is followed up and communicated in the context of 
our expectations. 
 
Based on responses, we assess potential measures. 
This is done through dialogue with the suppliers. An 
extended questionnaire is used for evaluating suppliers in 
procurement processes.
In 2024, we sent out an updated survey to our suppliers 
and analysed the results. Going forward, we will work on 
developing and improving the survey, including:
•	 	Updated questions that reflect trends and developments 
in our requirements
•	 	Easier reporting for suppliers
•	 	Assess tools for risk assessment and follow-up of 
suppliers
We are continuing these measures in our work for 2025 
and beyond.
93)  For more information about risk and due diligence assessments related to violations of human rights and decent working conditions in the supply chain, including what specific 
measures have been taken to reduce these risks, see our statement under the Norwegian Transparency Act, which is available on our website: Sustainability library - Storebrand. 
94)  Read more about our climate-related targets for suppliers in the section "Climate change".
95)  For more information about Storebrand's exclusion list, see: https://www.storebrand.com/sam/international/asset-management/sustainability/our-method/exclusions 
96)  Environmental certifications include Eco-Lighthouse, EMAS, ISO14001 and the Nordic Swan Ecolabel. 

178    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Political engagement and 
lobbying activities [G1-5]
Our approach
Storebrand's political engagement is focused on financial 
market regulation. We have regular meetings with the 
Ministry of Finance, other ministries and representatives of 
the Norwegian Parliament on priority issues, such as:
•	 Product and market regulation of life insurance and 
pensions
•	 Competition in the market for municipal occupational 
pensions
•	 Capital requirements for banks with a standard model
•	 Sustainable finance
Storebrand works to influence regulatory frameworks 
that are important to us and our customers. We actively 
participate in the public debate and promote our views 
both through industry organisations and directly towards 
public authorities and political environments. We address 
topics central to our business and corporate social 
responsibility, including the transition to a sustainable 
economy. All political advocacy work must be transparent 
and in accordance with internal and external regulations.
Our key positions include:
•	 	Sustainable finance
Storebrand actively participates in public debates and 
engages in dialogue with authorities to accelerate and 
improve the transition. This includes addressing the 
conditions that enable us to contribute as an investor, 
insurance provider, and lender.
•	 Pension and life insurance
Storebrand is working to ensure appropriate regulation 
of occupational pensions as an increasingly important 
pillar of the pension system. We want regulatory 
changes that facilitate more long-term management of 
guaranteed pension obligations, and we are working 
to see clarifications regarding EEA rules on public 
procurement and state aid, to ensure fair competition in 
the market for municipal occupational pension schemes. 
•	 Capital requirements and risk management
We work to influence regulations related to capital 
requirements and risk management, such as Solvency II 
for insurance companies and CRR3 for banks.
Further information on the risks and business 
opportunities associated with these matters, as well as 
Storebrand's positions, can be found in the chapter on 
regulatory changes.
 
Membership in trade organisations and other 
organisations
The Storebrand Group and subsidiaries are members of 
the following trade organisations:
•	 	Finance Norway
•	 	Confederation of Norwegian Enterprise (NHO)
•	 	Norwegian Fund and Asset Management Association 
(VFF)
•	 Insurance Sweden
Finance Norway is a business policy organisation for 
banks and insurance companies with operations in 
Norway, and carries out advocacy work on their behalf 
related to financial market regulation and sustainable 
finance. Finance Norway is a national association in 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 board members in Finance Norway, VFF 
and Insurance Sweden.
We consider the trade organisations’ political engagement 
to be well aligned with Storebrand's policies and supports 
our goals related to sustainability and climate change. 
We want to be transparent in our reporting, which is 
why we also disclose fees paid to organisations that 
engage in advocacy work with authorities. We believe 
such transparency is important for maintaining trust and 
integrity in our work.
In line with our Code of Conduct, Storebrand has not 
made any contributions, either financially or otherwise, 
to political parties, their representatives or candidates 
seeking political office.
Membership in trade organisations
 
2024
2023
Total monetary value of political 
contributions (NOK) 97)
0
New
Amount paid for membership in 
trade organisations (NOK) 98)
38,842,154 
37,064,134 
Storebrand is an active member of various initiatives 
collaborating with public decision-makers in the Nordic 
countries to stimulate the green transition, such as the 
Norwegian-based network for business climate leaders 
Skift and the UN Global Compact.
Storebrand is not registered in the EU Transparency 
Register. Similar registers have not been established in 
either Norway or Sweden.
 
Information on previous positions in public 
administration
During the reporting period, no members of Storebrand's 
Board of Directors or management have held a comparable 
position in public administration, including regulatory 
bodies, during the two years prior to the reporting period. 
This also applies to newly appointed members during the 
period.
97)  This metric shows our reporting of political contributions, financial or in kind, to political parties, their elected officials or people seeking political office.
98)  This has been reported as dues paid to the organisations we have identified that engage in political advocacy work, and of which we are members.

179    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Attachments 

180    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
List of ESRS data points that derive 
from other EU legislation [IRO-2]
Disclosure 
Requirement and 
related datapoint
SFDR 
reference
Pillar 3 (2) 
reference
Benchmark 
Regulation reference
EU
Climate Law 
reference
Material 
(ESRS1 
p.35)
Page 
number
ESRS 2 GOV-1
Board's gender diversity 
paragraph 21 (d)
Indicator 
number 13 
of Table #1 of 
Annex 1
 
Commission Del­
egated Regulation 
(EU) 2020/1816 (5), 
Annex II
 
Yes
37
ESRS 2 GOV-1
Percentage of board 
members who are inde­
pendent paragraph 21 (e)
 
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II
 
Yes
37
ESRS 2 GOV-4
Statement on due dili­
gence paragraph 30
Indicator 
number 10 
Table #3 of 
Annex 1
 
 
 
Yes
187-188
ESRS 2 SBM-1
Involvement in activities 
related to fossil fuel activi­
ties paragraph 40 (d) i
Indicators 
number 4 
Table #1 of 
Annex 1
Article 449a 
Regulation (EU) 
No 575/2013;
Commission Imple­
menting Regulation 
(EU) 2022/2453 (6)
Table 1: Qualitative 
information on Envi­
ronmental risk and 
Table 2: Qualitative 
information on Social 
risk
Delegated Regulation 
(EU) 2020/1816, 
Annex II
 
Not 
Material
ESRS 2 SBM-1
Involvement in activi­
ties related to chemical 
production paragraph 40 
(d) ii
Indicator 
number 9 
Table #2 of 
Annex 1
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II
 
Not 
Material
ESRS 2 SBM-1
Involvement in activities 
related to controversial 
weapons paragraph 40 
(d) iii
Indicator 
number 14 
Table #1 of 
Annex 1
 
Delegated Regulation 
(EU) 2020/1818 (7), 
Article 12(1) Del­
egated Regulation 
(EU) 2020/1816, 
Annex II
 
Not 
Material
ESRS 2 SBM-1
Involvement in activities 
related to cultivation and 
production of tobacco 
paragraph 40 (d) iv
 
 
Delegated Regulation 
(EU) 2020/1818, 
Article 12(1) Del­
egated Regulation 
(EU) 2020/1816, 
Annex II
 
Not 
Material
ESRS E1-1
Transition plan to reach 
climate neutrality by 2050 
paragraph 14
 
 
 
Regulation 
(EU) 2021/1119, 
Article 2(1)
Yes
124-141

181    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Disclosure 
Requirement and 
related datapoint
SFDR 
reference
Pillar 3 (2) 
reference
Benchmark 
Regulation reference
EU
Climate Law 
reference
Material 
(ESRS1 
p.35)
Page 
number
ESRS E1-1
Undertakings excluded 
from Paris-aligned Bench­
marks paragraph 16 (g)
 
Article 449a
Regulation (EU) 
No 575/2013; 
Commission Imple­
menting Regulation 
(EU) 2022/2453 
Template 1: Banking 
book-Climate Change 
transition risk: Credit 
quality of exposures 
by sector, emissions 
and residual maturity
Delegated Regulation 
(EU) 2020/1818, 
Article12.1 (d) to (g), 
and Article 12.2
 
Yes
125
ESRS E1-4
GHG emission reduction 
targets paragraph 34
Indicator 
number 4 
Table #2 of 
Annex 1
Article 449a
Regulation (EU) 
No 575/2013; 
Commission Imple­
menting Regulation 
(EU) 2022/2453 
Template 3: Bank­
ing book – Climate 
change transition risk: 
alignment metrics
Delegated Regulation 
(EU) 2020/1818, 
Article 6
 
Yes
126-127, 
129-131, 
137-138, 
140, 143
ESRS E1-5
Energy consumption from 
fossil sources disaggregat­
ed by sources (only high 
climate impact sectors) 
paragraph 38
Indicator 
number 5 
Table #1 and 
Indicator n. 5 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E1-5 Energy 
consumption and mix 
paragraph 37
Indicator 
number 5 
Table #1 of 
Annex 1
 
 
 
Not 
Material
ESRS E1-5
Energy intensity associat­
ed with activities in high 
climate impact sectors 
paragraphs 40 to 43
Indicator 
number 6 
Table #1 of 
Annex 1
 
 
 
Not 
Material
ESRS E1-6
Gross Scope 1, 2, 3 and 
Total GHG emissions 
paragraph 44
Indicators 
number 1 
and 2 Table 
#1 of Annex 
1
Article 449a; 
Regulation (EU) 
No 575/2013; 
Commission Imple­
menting Regulation 
(EU) 2022/2453 
Template 1: Bank­
ing book – Climate 
change transition 
risk: Credit quality of 
exposures by sector, 
emissions and residu­
al maturity
Delegated Regulation 
(EU) 2020/1818, Ar­
ticle 5(1), 6 and 8(1)
 
Yes
143
ESRS E1-6
Gross GHG emissions 
intensity paragraphs 53 
to 55
Indicators 
number 3 
Table #1 of 
Annex 1
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission Imple­
menting Regulation 
(EU) 2022/2453 
Template 3: Bank­
ing book – Climate 
change transition risk: 
alignment metrics
Delegated Regulation 
(EU) 2020/1818, 
Article 8(1)
 
Yes
144

182    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Disclosure 
Requirement and 
related datapoint
SFDR 
reference
Pillar 3 (2) 
reference
Benchmark 
Regulation reference
EU
Climate Law 
reference
Material 
(ESRS1 
p.35)
Page 
number
ESRS E1-7
GHG removals and carbon 
credits paragraph 56
 
 
 
Regulation 
(EU) 2021/1119, 
Article 2(1)
Yes
145
ESRS E1-9
Exposure of the bench­
mark portfolio to cli­
mate-related physical 
risks paragraph 66
 
 
Delegated Regulation 
(EU) 2020/1818, 
Annex II Dele­
gated Regulation 
(EU) 2020/1816, 
Annex II
 
Not 
Material
ESRS E1-9
Disaggregation of mon­
etary amounts by acute 
and chronic physical risk 
paragraph 66 (a)
ESRS E1-9
Location of significant 
assets at material physical 
risk paragraph 66 (c).
 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission Imple­
menting Regulation 
(EU) 2022/2453 
paragraphs 46 
and 47; Template 5: 
Banking book - Cli­
mate change physical 
risk: Exposures sub­
ject to physical risk.
 
 
Not 
Material
ESRS E1-9 Breakdown 
of the carrying value of 
its real estate assets by 
energy-efficiency classes 
paragraph 67 (c).
 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission Imple­
menting Regulation 
(EU) 2022/2453 
paragraph 34; 
Template 2: Banking 
book -Climate change 
transition risk: Loans 
collateralised by 
immovable property 
- Energy efficiency of 
the collateral
 
 
Not 
Material
ESRS E1-9
Degree of exposure of 
the portfolio to climate- 
related opportunities 
paragraph 69
 
 
Delegated Regulation 
(EU) 2020/1818, 
Annex II
 
Not 
Material
ESRS E2-4
Amount of each pollutant 
listed in Annex II of the 
E-PRTR Regulation (Eu­
ropean Pollutant Release 
and Transfer Register) 
emitted to air, water and 
soil, paragraph 28
Indicator 
number 8 
Table #1 of 
Annex 1 Indi­
cator number 
2 Table #2 of 
Annex 1 Indi­
cator number 
1 Table #2 of 
Annex 1 Indi­
cator number 
3 Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E3-1
Water and marine re­
sources paragraph 9
Indicator 
number 7 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E3-1
Dedicated policy para­
graph 13
Indicator 
number 8 
Table 2 of 
Annex 1
 
 
 
Not 
Material

183    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Disclosure 
Requirement and 
related datapoint
SFDR 
reference
Pillar 3 (2) 
reference
Benchmark 
Regulation reference
EU
Climate Law 
reference
Material 
(ESRS1 
p.35)
Page 
number
ESRS E3-1
Sustainable oceans and 
seas paragraph 14
Indicator 
number 12 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E3-4
Total water recycled and 
reused paragraph 28 (c)
Indicator 
number 6.2 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E3-4
Total water consumption 
in m3 per net revenue on 
own operations paragraph 
29
Indicator 
number 6.1 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS 2- SBM 3 - E4 para­
graph 16 (a) i 
Indicator 
number 7 
Table #1 of 
Annex 1
 
 
 
Not 
Material
ESRS 2- SBM 3 - E4 para­
graph 16 (b)
Indicator 
number 10 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS 2- SBM 3 - E4 para­
graph 16 (c)
Indicator 
number 14 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E4-2
Sustainable land / 
agriculture practices or 
policies paragraph 24 (b)
Indicator 
number 11 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E4-2
Sustainable oceans / 
seas practices or policies 
paragraph 24 (c)
Indicator 
number 12 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E4-2
Policies to address 
deforestation paragraph 
24 (d)
Indicator 
number 15 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E5-5
Non-recycled waste para­
graph 37 (d)
Indicator 
number 13 
Table #2 of 
Annex 1
 
 
 
Not 
Material
ESRS E5-5
Hazardous waste and ra­
dioactive waste paragraph 
39
Indicator 
number 9 
Table #1 of 
Annex 1
 
 
 
Not 
Material
ESRS 2- SBM3 - S1
Risk of incidents of forced 
labour paragraph 14 (f)
Indicator 
number 13 
Table #3 of 
Annex I
 
 
 
Not 
Material
ESRS 2- SBM3 - S1
Risk of incidents of child 
labour paragraph 14 (g)
Indicator 
number 12 
Table #3 of 
Annex I
 
 
 
Not 
Material
ESRS S1-1
Human rights policy com­
mitments paragraph 20
Indicator 
number 9 
Table #3 
and Indicator 
number 11 
Table #1 of 
Annex I
 
 
 
Yes
153, 159

184    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Disclosure 
Requirement and 
related datapoint
SFDR 
reference
Pillar 3 (2) 
reference
Benchmark 
Regulation reference
EU
Climate Law 
reference
Material 
(ESRS1 
p.35)
Page 
number
ESRS S1-1
Due diligence policies on 
issues addressed by the 
fundamental International 
Labor Organisation Con­
ventions 1 to 8, paragraph 
21
 
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II
 
Yes
153, 159
ESRS S1-1
processes and measures 
for preventing trafficking 
in human beings para­
graph 22
Indicator 
number 11 
Table #3 of 
Annex I
 
 
 
Not 
Material
ESRS S1-1
workplace accident pre­
vention policy or manage­
ment system paragraph 
23
Indicator 
number 1 
Table #3 of 
Annex I
 
 
 
Yes
159
ESRS S1-3
grievance/complaints 
handling mechanisms 
paragraph 32 (c)
Indicator 
number 5 
Table #3 of 
Annex I
 
 
 
Yes
153-154, 
159
ESRS S1-14
Number of fatalities 
and number and rate of 
work-related accidents 
paragraph 88 (b) and (c)
Indicator 
number 2 
Table #3 of 
Annex I
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II
 
Yes
160
ESRS S1-14
Number of days lost to in­
juries, accidents, fatalities 
or illness paragraph 88 (e)
Indicator 
number 3 
Table #3 of 
Annex I
 
 
 
Not 
Material
ESRS S1-16
Unadjusted gender pay 
gap paragraph 97 (a)
Indicator 
number 12 
Table #1 of 
Annex I
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II
 
Yes
157
ESRS S1-16
Excessive CEO pay ratio 
paragraph 97 (b)
Indicator 
number 8 
Table #3 of 
Annex I
 
 
 
Yes
157
ESRS S1-17
Incidents of discrimina­
tion paragraph 103 (a)
Indicator 
number 7 
Table #3 of 
Annex I
 
 
 
Yes
158
ESRS S1-17 Non-respect 
of UNGPs on Business 
and Human Rights and 
OECD Guidelines para­
graph 104 (a) 
Indicator 
number 10 
Table #1 
and Indicator 
n. 14 Table 
#3 of Annex I
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II Dele­
gated Regulation 
(EU) 2020/1818 Art 
12 (1)
 
Not 
Material
ESRS 2- SBM3 – S2
Significant risk of child 
labour or forced labour in 
the value chain paragraph 
11 (b)
Indicators 
number 12 
and n. 13 
Table #3 of 
Annex I
 
 
 
Not 
Material

185    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Disclosure 
Requirement and 
related datapoint
SFDR 
reference
Pillar 3 (2) 
reference
Benchmark 
Regulation reference
EU
Climate Law 
reference
Material 
(ESRS1 
p.35)
Page 
number
ESRS S2-1
Human rights policy com­
mitments paragraph 17
Indicator 
number 9 
Table #3 
and Indicator 
n. 11 Table 
#1 of Annex 
1
 
 
 
Not 
Material
ESRS S2-1 
Policies related to value 
chain workers paragraph 
18
Indicator 
number 11 
and n. 4 Table 
#3 of Annex 
1
 
 
 
Not 
Material
ESRS S2-1 
Non-respect of UNGPs 
on Business and Human 
Rights principles and 
OECD guidelines para­
graph 19
Indicator 
number 10 
Table #1 of 
Annex 1
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II Dele­
gated Regulation 
(EU) 2020/1818, Art 
12 (1)
 
Not 
Material
ESRS S2-1
Due diligence policies on 
issues addressed by the 
fundamental International 
Labor Organisation Con­
ventions 1 to 8, paragraph 
19
 
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II
 
Not 
Material
ESRS S2-4
Human rights issues 
and incidents connect­
ed to its upstream and 
downstream value chain 
paragraph 36
Indicator 
number 14 
Table #3 of 
Annex 1
 
 
 
Not 
Material
ESRS S3-1
Human rights policy com­
mitments paragraph 16
Indicator 
number 9 
Table #3 of 
Annex 1 and 
Indicator 
number 11 
Table #1 of 
Annex 1
 
 
 
Not 
Material
ESRS S3-1 
Non-respect of UNGPs 
on Business and Human 
Rights, ILO principles or 
OECD guidelines para­
graph 17 
Indicator 
number 10 
Table #1 
Annex 1
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II Dele­
gated Regulation 
(EU) 2020/1818, Art 
12 (1)
 
Not 
Material
ESRS S3-4
Human rights issues and 
incidents paragraph 36
Indicator 
number 14 
Table #3 of 
Annex 1
 
 
 
Not 
Material
ESRS S4-1 
Policies related to con­
sumers and end-users 
paragraph 16
Indicator 
number 9 
Table #3 
and Indicator 
number 11 
Table #1 of 
Annex 1
 
 
 
Yes
162, 
164, 167

186    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Disclosure 
Requirement and 
related datapoint
SFDR 
reference
Pillar 3 (2) 
reference
Benchmark 
Regulation reference
EU
Climate Law 
reference
Material 
(ESRS1 
p.35)
Page 
number
ESRS S4-1
Non-respect of UNGPs 
on Business and Human 
Rights and OECD guide­
lines paragraph 17
Indicator 
number 10 
Table #1 of 
Annex 1
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II Dele­
gated Regulation 
(EU) 2020/1818, Art 
12 (1)
 
Yes
162, 
164, 167
ESRS S4-4
Human rights issues and 
incidents paragraph 35
Indicator 
number 14 
Table #3 of 
Annex 1
 
 
 
Not 
Material
ESRS G1-1
United Nations Conven­
tion against Corruption 
paragraph 10 (b)
Indicator 
number 15 
Table #3 of 
Annex 1
 
 
 
Not 
Material
ESRS G1-1
Protection of whistle- 
blowers paragraph 10 (d)
Indicator 
number 6 
Table #3 of 
Annex 1
 
 
 
Yes
171-172
ESRS G1-4
Fines for violation of 
anti-corruption and an­
ti-bribery laws paragraph 
24 (a)
Indicator 
number 17 
Table #3 of 
Annex 1
 
Delegated Regulation 
(EU) 2020/1816, 
Annex II)
 
Yes
173
ESRS G1-4
Standards of anti- cor­
ruption and anti- bribery 
paragraph 24 (b)
Indicator 
number 16 
Table #3 of 
Annex 1
 
 
 
Yes
173

187    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Statement on due diligence 
[GOV-4]
The table below provides an overview of how and where the key aspects and steps of the due diligence process have 
been applied and are reflected in this report.
Information on due diligence assessments
Core elements of 
the due diligence 
assessment
Chapter
Page 
reference
Embedding due diligence 
in governance, strategy 
and business model
Corporate governance: Provides information on governance and control for sustainability, 
including guidelines that set out roles and responsibilities for how sustainability is to be 
integrated into Storebrand's work processes.
32-55
Impacts, risks, and opportunities: Explains how material impacts, risks, and opportunities 
interact with our strategy and business model. 
Climate change
121-122
Own workforce
147-148
Consumers and end-users
161
Business conduct
170
Engaging with affected 
stakeholders in all key 
steps of the due diligence
Corporate governance: Provides information on governance and control for sustainability, 
including the work, involvement, and responsibilities of the board and management. 
32-55
Stakeholders: Provides information about stakeholders and their views and involvement in 
our strategy and business model. 
61
Process for identifying and assessing material impacts, risks and opportunities: Provides an 
overview of the process for identifying, assessing, prioritising and monitoring Storebrand's 
potential and actual impacts on people and the environment, including consultation with 
affected stakeholders to understand how they may be affected.
61-64
Our approach: Describes our policies, routines and processes and how affected stakeholder 
groups are involved in these. 
Climate change
125
Own workforce
150, 
153-154, 
159
Consumers and end-users
162, 
164, 167
Business conduct
171, 173, 
174, 175, 
177, 178

188    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Core elements of 
the due diligence 
assessment
Chapter
Page 
reference
Identifying and assessing 
adverse impacts
Process for identifying and assessing material impacts, risks and opportunities: Provides an 
overview of the process for identifying, assessing, prioritizing and monitoring Storebrand's 
potential and actual impact on people and the environment, including adverse impacts.
61-64
Impacts, risks and opportunities: Explains how our material impacts affect (or, in the case of 
potential impacts, are likely to affect) people or the environment.
Climate change
121-122
Own workforce
147-148
Consumers and end-users
161
Business conduct
170
Taking actions to address 
those adverse impacts
Targets and actions: Shows Storebrand's targets as well as implemented and planned actions, 
through which the impacts are managed.
Climate change
126-141
Own workforce
150-152, 
154-156, 
159-160
Consumers and end-users
162-165, 
168
Business conduct
171-178
Tracking the effectiveness 
of these efforts and 
communicating
Targets and actions: Shows Storebrand's targets as well as implemented and planned 
measures, through which impacts are managed.
Climate change
126-141
Own workforce
150-152, 
154-156, 
159-160
Consumers and end-users
162-163, 
164-165, 
168
Business conduct 
171-178
Metrics: Provides an overview of the metrics that we use to monitor the effectiveness of our 
measures.
Climate change
127, 
129-131, 
135, 
137-138, 
140, 143
Own workforce
149, 152, 
156-158, 
160
Consumers and end-users
165-166, 
168
Business conduct
172, 173, 
174, 176, 
178

189    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Lysaker, 11 February 2025
Board of Directors of Storebrand ASA
Jarle Roth (sign)
Chairman of the Board
Benjamin K. Golding (sign)
Jaan Ivar Semlitsch (sign)
Christel Elise Borge (sign)
Hanne Seim Grave (sign)
Martin Skancke (sign)
Stine Beate Moe (sign)
Marianne Bergmann Røren
Viveka Ekberg (sign)
Aleksander Nyland (sign)
Odd Arild Grefstad (sign)
Chief Executive Officer

190    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
Independent auditor’s statement
on sustainability reporting
To the General Meeting of Storebrand ASA 
Independent Sustainability Auditor’s Limited Assurance Report 
Limited Assurance Conclusion 
We have conducted a limited assurance engagement on the consolidated sustainability statement 
of Storebrand ASA (the «Company») included in the section Sustainability statement of the Board of 
Directors’ report (the «Sustainability Statement»), as at 31 December 2024 and for the year then ended. 
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our 
attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, 
in accordance with the Norwegian Accounting Act section 2-3, including: 
• 
compliance with the European Sustainability Reporting Standards (ESRS), including that the 
process carried out by the Company to identify the information reported in the Sustainability 
Statement (the «Process») is in accordance with the description set out in paragraph Process for 
identifying and assessing material impacts, risks, and opportunities [IRO-1]; and 
 
• 
compliance of the disclosures in paragraph EU Taxonomy of the Sustainability Statement with 
Article 8 of EU Regulation 2020/852 (the «Taxonomy Regulation»). 
Basis for Conclusion 
We conducted our limited assurance engagement in accordance with International Standard on Assurance 
Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical 
financial information («ISAE 3000 (Revised)»), issued by the International Auditing and Assurance 
Standards Board. 
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our 
conclusion. Our responsibilities under this standard are further described in the Sustainability Auditor’s 
Responsibilities section of our report. 
Our Independence and Quality Management 
We have complied with the independence and other ethical requirements as required by relevant laws and 
regulations in Norway and the International Code of Ethics for Professional Accountants (including 
International Independence Standards) issued by the International Ethics Standards Board for Accountants 
(IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence 
and due care, confidentiality and professional behaviour. 
The firm applies International Standard on Quality Management 1, which requires the firm to design, 
implement and operate a system of quality management including policies or procedures regarding 
compliance with ethical requirements, professional standards and applicable legal and regulatory 
requirements. 
Responsibilities for the Sustainability Statement 
The Board of Directors and the Managing Director (Management) are responsible for designing and 
implementing a process to identify the information reported in the Sustainability Statement in accordance 
with the ESRS and for disclosing this Process in paragraph Process for identifying and assessing material 
impacts, risks, and opportunities [IRO-1] of the Sustainability Statement. This responsibility includes: 
• 
understanding the context in which the Group's activities and business relationships take place and 
developing an understanding of its affected stakeholders; 
 
PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo 
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no 
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap 

191    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
 
2 / 4 
 
 
 
• 
the identification of the actual and potential impacts (both negative and positive) related to 
sustainability matters, as well as risks and opportunities that affect, or could reasonably be 
expected to affect, the Group’s financial position, financial performance, cash flows, access to 
finance or cost of capital over the short-, medium-, or long-term; 
 
• 
the assessment of the materiality of the identified impacts, risks and opportunities related to 
sustainability matters by selecting and applying appropriate thresholds; and 
 
• 
making assumptions that are reasonable in the circumstances. 
Management is further responsible for the preparation of the Sustainability Statement, in accordance with 
the Norwegian Accounting Act section 2-3, including:  
• 
compliance with the ESRS; 
 
• 
preparing the disclosures in paragraph EU Taxonomy of the Sustainability Statement, in 
compliance with the Taxonomy Regulation; 
 
• 
designing, implementing and maintaining such internal control that Management determines is 
necessary to enable the preparation of the Sustainability Statement that is free from material 
misstatement, whether due to fraud or error; and 
 
• 
the selection and application of appropriate sustainability reporting methods and making 
assumptions and estimates that are reasonable in the circumstances.  
Inherent limitations in preparing the Sustainability Statement 
In reporting forward-looking information in accordance with ESRS, Management is required to prepare the 
forward-looking information on the basis of disclosed assumptions about events that may occur in the future 
and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events 
frequently do not occur as expected. 
Sustainability Auditor’s Responsibilities 
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about 
whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and 
to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error 
and are considered material if, individually or in the aggregate, they could reasonably be expected to 
influence decisions of users taken on the basis of the Sustainability Statement as a whole. 
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise 
professional judgement and maintain professional scepticism throughout the engagement. 
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include: 
• 
Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the 
effectiveness of the Process, including the outcome of the Process; 
 
• 
Considering whether the information identified addresses the applicable disclosure requirements of 
the ESRS; and 
 
• 
Designing and performing procedures to evaluate whether the Process is consistent with the 
Company’s description of its Process set out in paragraph Process for identifying and assessing 
material impacts, risks, and opportunities [IRO-1]. 
Our other responsibilities in respect of the Sustainability Statement include: 

192    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
 
3 / 4 
 
 
 
• 
Identifying where material misstatements are likely to arise, whether due to fraud or error; and 
 
• 
Designing and performing procedures responsive to where material misstatements are likely to 
arise in the Sustainability Statement. 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. 
Summary of the Work Performed 
A limited assurance engagement involves performing procedures to obtain evidence about the 
Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing 
from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of 
assurance obtained in a limited assurance engagement is substantially lower than the assurance that would 
have been obtained had a reasonable assurance engagement been performed. 
The nature, timing and extent of procedures selected depend on professional judgement, including the 
identification of disclosures where material misstatements are likely to arise in the Sustainability Statement, 
whether due to fraud or error. 
In conducting our limited assurance engagement, with respect to the Process, we: 
• 
Obtained an understanding of the Process by: 
 
o 
performing inquiries to understand the sources of the information used by management 
(e.g., stakeholder engagement, business plans and strategy documents); and 
 
o 
reviewing the Company’s internal documentation of its Process; and 
 
• 
Evaluated whether the evidence obtained from our procedures with respect to the Process 
implemented by the Company was consistent with the description of the Process set out in 
paragraph Process for identifying and assessing material impacts, risks, and opportunities [IRO-1]. 
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: 
• 
Obtained an understanding of the Group’s reporting processes relevant to the preparation of its 
Sustainability Statement by: 
 
o 
Obtaining an understanding of the Group’s control environment, processes, control 
activities and information system relevant to the preparation of the Sustainability 
Statement, but not for the purpose of providing a conclusion on the effectiveness of the 
Group’s internal control; and 
o 
Obtaining an understanding of the Group’s risk assessment process; 
 
• 
Evaluated whether the information identified by the Process is included in the Sustainability 
Statement; 
 
• 
Evaluated whether the structure and the presentation of the Sustainability Statement is in 
accordance with the ESRS; 
 
• 
Performed inquiries of relevant personnel and analytical procedures on selected information in the 
Sustainability Statement; 
 
• 
Performed substantive assurance procedures on selected information in the Sustainability 
Statement; 
 

193    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Strategy 2023-2025: Leading the  
way in sustainable value creation	
12
Strategic highlights 2024	
13
Group results 2024	
17
Group financial statements  
Storebrand (IFRS)	
 22
Official financial statements  
Storebrand ASA	
 23
Risk	
24
Outlook	
30
Corporate governance 	
32
Organisation	
33
The Board of Directors 	
 36
Group Executive Management	
47
Shareholder relations	
52
Companies in the Storebrand Group	
56 
Sustainability statement
General information	
59
Environmental information	
69
EU Taxonomy	
70
Climate change	
121
Social information	
146
Own workforce	
147
Consumers and end-users	
161
Governance information	
169
Business conduct	
170
Attachments	
179
Annual Accounts and Notes
 
4 / 4 
 
 
 
• 
Where applicable, compared disclosures in the Sustainability Statement with the corresponding 
disclosures in the financial statements and other sections of the Board of Directors’ report; 
 
• 
Evaluated the methods, assumptions and data for developing estimates and forward-looking 
information; 
 
• 
Obtained an understanding of the Company’s process to identify taxonomy-eligible and taxonomy-
aligned economic activities and the corresponding disclosures in the Sustainability Statement; 
 
• 
Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned 
economic activities is included in the Sustainability Statement; and 
 
• 
Performed inquiries of relevant personnel and substantive procedures on selected taxonomy 
disclosures included in the Sustainability Statement. 
  
  
  
Olso, 11 February 2025 
PricewaterhouseCoopers AS 
  
Thomas Steffensen 
State Authorised Public Accountant – Sustainability Auditor 
Note: This translation from Norwegian has been prepared for information purposes only. 
  
  
 

194    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
02
Annual Accounts 
and Notes
Storebrand Group
Income statement .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 195
Statement of total comprehensive income  .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 196
Statement of Financial Position .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   197
Statement of changes in equity .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   199
Statement of cash flow .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   200
Notes	 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   202
Storebrand ASA
Income statement .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 286
Statement of total comprehensive income  .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 286
Statement of Financial Position .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   287
Statement of changes in equity .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 289
Statement of cash flow .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   290
Notes	 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .   291
Declaration by member of the Board and the CEO .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 302
Independent auditor’s report  .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 303

195    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Note
2024
2023
Income from unit linked
38
2,265
2,008
Income from asset management 
14
3,420
3,108
Income from banking activities
15
4,285
3,069
Other income
16
370
413
Operating income excl. insurance
10,340
8,597
Insurance revenue
17
10,282
9,147
Insurance service expenses
17
-7,925
-7,701
Net expenses from reinsurance contracts held
17
17
19
Net insurance service result
2,374
1,465
Operating income incl. insurance result
12,714
10,062
Operating expenses
18,19,20,21
-5,234
-5,147
Interest expenses banking activities
22
-3,052
-2,096
Other expenses
23
-150
-166
Total expenses
-8,436
-7,409
Operating profit
4,279
2,653
Profit from investment in associates and joint ventures 
29
428
-431
Net income on financial and property investments
24
74,837
56,108
Net change in investment contract liabilities
24
-57,458
-38,409
Finance expenses from insurance contracts issued
24
-14,096
-15,272
Interest expenses securities issued and other interest expenses
25
-922
-889
Net finance result
2,789
1,106
Profit before amortisation
7,067
3,759
Amortisation of intangible assets
27
-424
-466
Profit before income tax
6,643
3,294
Tax expenses
26
-1,121
84
Profit for the year 
5,522
3,377
Profit/loss for the period attributable to:
Share of profit for the period - shareholders
5,494
3,350
Share of profit for the period - hybrid capital investors
30
27
Share of profit for the period - non-controlling interests
-1
Total
5,522
3,377
Earnings per ordinary share (NOK)
12.48
7.31
Average number of shares as basis for calculation (million)
440.3
458.0
There is no financial instruments that gives diluted effect on earnings per share 
Storebrand Group
Income statement

196    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Note
2024
2023 
Profit/loss for the year
5,522
3,377
Change in actuarial assumptions
19
-27
-45
Fair value adjustment of properties for own use
35
70
Tax on other comprehensive income elements not to be reclassified to profit/loss 
2
3
Total other comprehensive income elements not to be reclassified to profit/loss
45
-42
Exchange rate adjustments
-43
-302
Gains/losses from cash flow hedging
-10
Change in unrealised gains on financial instruments available for sale
-21
82
Tax on other comprehensive income elements that may be reclassified to profit/loss 
5
-21
Total other comprehensive income elements that may be reclassified to profit/loss
-58
-251
Total other comprehensive income elements
-13
-292
Total comprehensive income 
5,509
3,085
Total comprehensive income attributable to:
Share of total comprehensive income - shareholders
5,481
3,058
Share of total comprehensive income  - hybrid capital investors
30
27
Share of total comprehensive income - non-controlling interests
-1
Total
5,509
3,085
Storebrand Group
Statement of total comprehensive income

197    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Note
31.12.24
31.12.23
Assets 
Deferred tax assets
26
2,147
3,134
Intangible assets 
27
6,721
6,055
Tangible fixed assets
28
2,654
1,261
Investments in associated companies and joint ventures
29
7,412
7,823
Assets sold/liquidated operations
29,45
265
Minority portion of consolidated mutual funds
63,567
58,809
Reinsurance contracts assets
37
316
297
Investment properties 
12,35
36,225
34,382
Loans to customers 
12,34
94,586
86,761
Loans to financial institutions
9,30
2,781
1,138
Equities and fund units
9,30,31
414,959
333,866
Bonds and other fixed-income securities
9,30,32
303,803
292,407
Derivatives
9,33
2,568
8,093
Accounts receivables and other short-term receivables
30,36
49,831
48,733
Bank deposits
9,30
9,241
13,916
Total assets
996,811
896,940
Equity and liabilities
Paid-in capital
13,012
13,078
Retained earnings
18,347
16,045
Hybrid capital
353
408
Non-controlling interests
402
Total equity
32,113
29,531
Storebrand Group
Statement of Financial Position

198    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Note
31.12.24
31.12.23
Pension liabilities
19
173
172
Deferred tax
26
1,409
1,232
Minority portion of consolidated mutual funds
63,567
58,809
Insurance contracts liabilities
37
325,611
318,225
Investment contracts liabilities
38
429,471
354,270
Reinsurance contracts liabilities
37
11
Subordinated loan capital
8,30
10,807
11,501
Other non-current liabilities
841
1,180
Deposits from banking customers
8,30
31,403
23,948
Debt raised by issuance of securities
8,30
39,669
40,655
Loans and deposits from credit institutions
8,30
3,415
283
Derivatives
30,33
8,988
6,118
Other current liabilities
30,39
49,331
51,015
Total liabilities
964,698
867,409
Total equity and liabilities
996,811
896,940
Lysaker, 11 February 2025
Board of Directors of Storebrand ASA
Jarle Roth (sign)
Chairman of the Board
Benjamin K. Golding (sign)
Jaan Ivar Semlitsch (sign)
Christel Elise Borge (sign)
Hanne Seim Grave (sign)
Martin Skancke (sign)
Stine Beate Moe (sign)
Marianne Bergmann Røren
Viveka Ekberg (sign)
Aleksander Nyland (sign)
Odd Arild Grefstad (sign)
Chief Executive Officer
Storebrand Group
Statement of Financial Position (continues)

199    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Majority's share of equity
Hybrid 
capital 
3)
Non-
con­
trolling 
interests 
Total 
equity
Share 
capital1)
Own 
shares
Share 
premi­
um 
Total 
paid in 
equity
Cur­
rency 
trans­
lation 
differ­
ences
Other 
equity 
Total 
re­
tained 
earn­
ings
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
3,350
3,350
27
3,377
Total other comprehen­
sive income elements
-302
10
-292
-292
Total comprehensive 
income for the period
-302
3,360
3,058
27
3,085
Equity transactions with 
owners:
Own shares
-32
-52
-84
-1,370
-1,370
-1,454
Hybrid capital classified 
as equity 
7
7
80
87
Paid out interest hybrid 
capital
-26
-26
Dividend paid
-1,715
-1,715
-1,715
Other
35
35
35
Equity at 31 December 
2023
2,327
-91
10,842
13,078
739
15,305
16,044
408
29,531
Profit for the period
5,494
5,494
30
-1
5,522
Total other comprehen­
sive income elements
-43
29
-13
-13
Total comprehensive 
income for the period
-43
5,523
5,481
30
-1
5,509
Equity transactions with 
owners:
Own shares
-88
21
-67
-1,379
-1,379
-1,446
Hybrid capital classified 
as equity 
7
7
-55
-47
Paid out interest hybrid 
capital
-30
-30
Dividend paid
-1,817
-1,817
-1,817
Other
10
10
404
414
Equity at 31 December 
2024
2,240
-70
10,842
13,012
697
17,650
18,346
353
402
32,113
1) 447,972,681 shares with a nominal value of NOK 5.              
2) Perpetual hybrid tier 1 capital classified as equity.
Storebrand Group
Statement of changes in equity

200    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Noter
2024
2023
Cash flow from operating activities
Receipts premium - insurance
32,401
29,946
Payments compensation and insurance benefits
-24,858
-22,982
Net receipts/payments - transfers
-2,305
-4,660
Receipts - interest, commission and fees from customers
5,116
30,344
Payments - interest, commission and fees to customers
3,992
2,987
Taxes paid
-1,036
-536
Payments relating to operations
-1,252
-964
Net receipts/payments - other operating activities
-8,578
-2,352
Net receipts/payments - insurance liabilities
1,503
11,213
Net cash flow from operations before financial assets and banking customers
4,983
42,997
Net receipts/payments - loans to customers
-7,451
-5,503
Net receipts/payments - deposits bank customers
7,455
4,470
Net receipts/payments - mutual funds 
-2,679
-44,228
Net receipts/payments - investment properties
8
1,306
Receipts - sale of investment properties
1,201
3
Payments - purchase of investment properties
-1,180
-300
Net cash flow from financial assets and banking customers
-2,647
-44,252
Net cash flow from operating activities 
2,336
-1,255
Cash flow from investing activities
Receipts - sale of joint ventures
1,313
Payments - purchase of subsidiaries
3
-252
-345
Net receipts/payments - sale/purchase of fixed assets
-1,687
-127
Payments - purchase of associated companies and joint ventures 
-27
-168
Net cash flow from investing activities
-654
-640
Cash flow from financing activities
Receipts - new loans
8
6,355
12,644
Payments - repayments of loans
8
-7,306
-4,895
Payments - interest on loans
-2,122
-1,535
Receipts - subordinated loans
8
1,040
997
Payments - repayment of subordinated loans
8
-1,899
-676
Storebrand Group
Statement of cash flow

201    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Noter
2024
2023
Payments - interest on subordinated loans
-689
-656
Receipts - loans from financial institutions
8
13,152
12,105
Payments - repayments of loans from financial institutions
8
-10,021
-12,225
Receipts - issuing of share capital / sale of shares to employees
65
51
Payments - repayment of share capital
-1,500
-1,500
Payments - dividends
-1,817
-1,715
Receipts - hybrid capital
249
Payments - repayment of hybrid capital
-55
-170
Payments - interest on hybrid capital
-30
-26
Net cash flow from financing activities
-4,828
2,648
Net cash flow for the period
-3,146
753
Cash and cash equivalents at the start of the period
15,054
14,007
Currency translation cash/cash equivalents in foreign currency
114
294
Cash and cash equivalents at the end of the period 1)
12,022
15,054
1) Consists of: 
Loans to financial institutions
2,781
1,138
Bank deposits
9,241
13,916
Total
12,022
15,054
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.
Storebrand Group
Statement of cash flow (continues)

202    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Business and risk
Note 1:	
Corporate information and accounting policies
Note 2:	
Important accounting estimates and 
judgement
Note 3:	
Acquisitions
Note 4:	
Segment reporting
Note 5:	
Risk management and internal control
Note 6:	
Operational risk
Note 7:	
Financial market risk and insurance risk
Note 8:	
Liquidity risk
Note 9:	
Credit risk
Note 10:	
Risk concentration
Note 11:	
Climate risk
Note 12:	
Valuation of financial instruments and 
properties
Note 13:	
Solidity and capital management
Income statement
Note 14:	
Income asset management
Note 15:	
Income banking activities
Note 16:	
Other income
Note 17:	
Insurance revenue and expenses
Note 18:	
Operating expenses and number of 
employees
Note 19:	
Pensions expenses and pension liabilities
Note 20:	
Remuneration to senior employees and 
elected officers of the company
Note 21:	
Remuneration paid to auditors
Note 22:	
Interest expenses banking activities
Note 23:	
Other expenses
Note 24:	
Net income on financial and property 
investments
Note 25:	
Interest expenses
Note 26:	
Tax
	
Statement of financial position
Note 27:	
Intangible assets and fair value adjustments 
on purchased insurance contracts
Note 28:	
Tangible fixed assets and lease contracts
Note 29:	
Investments in other companies
Note 30:	
Classification of financial assets and liabilities
Note 31:	
Equties and fund units
Note 32:	
Bonds and other fixed-income securities
Note 33:	
Derivatives
Note 34:	
Loans 
Note 35:	
Properties
Note 36:	
Accounts receivable and other short-term 
receivables
Note 37:	
Insurance contracts liabilities
Note 38:	
Investement contracts liabilities
Note 39:	
Other current liabilities
	
Other 
Note 40:	
Hedge accounting
Note 41:	
Collateral
Note 42:	
Contingent liabilities
Note 43:	
Securities lending and buy-back agreements
Note 44:	
Information about related parties
Note 45:	
Divestment of company
Notes to the financial 
statements
Storebrand Group

203    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 1: Company 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 2024 were approved by the Board of Directors of Storebrand ASA on 11 February 2025. 
The Storebrand Group offers pension, savings, insurance and banking products to private individuals, companies and 
public enterprises. The Storebrand Group consists of the profit areas Savings, Insurance, Guaranteed Pension and Other. 
The Group's head office is at Professor Kohts vei 9, Lysaker, Norway. 
The assets side of the Group consists mainly of financial instruments and investment property, and includes assets in 
the company portfolio (shareholders) and assets belonging to the customer portfolio. The Group has a significant life 
insurance business where customer funds must be kept separate from the company's funds. The information is stated in 
the Group's notes.
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 
In 2024, no new accounting standards have been implemented that have had a significant effect on the consolidated 
financial statements.    
4. New IFRS that have not entered into force
New IFRSs that are not in force:
IFRS 18
IFRS 18 replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new categories in the income state­
ment, new requirements for reporting Management Performance Measures. The purpose is to provide increased trans­
parency and comparability between companies' presentations. The standard will be implemented from 01.01.2027 and 
requires reworking comparative figures for 2026. 
Storebrand has reviewed the new standard and assessed the effect these may have on the consolidated financial state­
ments. Based on a preliminary assessment, it is not expected that the implementation of the standard will have a mate­
rial effect on the Group's accounting policies, financial position or profit. Storebrand will continue to monitor any further 
updates or clarifications that may affect the ratings.
There are no other 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. During the year, Kron AS was 
sold to Storebrand Bank ASA, and merged in a parent-subsidiary merger with accounting effect from 01.01.2024.

204    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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. 
Storebrand 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 acquisitions are not regarded as an ac­
quisition 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 amortisation 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
Operating revenues consist of revenues from pension, savings, insurance, and banking products. For income related to 
guaranteed pensions and insurance products that are defined as insurance contracts in accordance with IFRS 17, please 
refer to section 1.12 for insurance obligations. For other pension and savings products, the fee is recognised when the 
income can be reliably measured and has been earned. Performance-based income and success fees are recognised 
when the uncertainty associated with the income is no longer present. Fixed fees are recognised as income as the 
service is provided. For bank products, interest is recognised as income according to the effective interest rate method 
for interest-bearing balance sheet items valued at amortised cost and balance sheet items valued at fair value over other 

205    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
income and expenses. For interest-bearing balance sheet items that are valued at fair value through profit or loss, interest 
income is recognised as income based on nominal interest rates. 
Earnings are presented gross before any deductions for discounts and commissions. 
      
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.
10. Investment properties 
Investment properties are measured at fair value in accordance with IAS 13. Income from investment properties consists 
of both changes in fair value and rental income. 
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 loss-prone financial assets
For financial assets that are recognised at amortised cost or fair value over other income and expenses, an expected cre­
dit loss must be recognised. Expected credit loss is the difference between the present value of contracted cash flow and 
probability-weighted expected cash flow. Calculation of expected credit losses follows IFRS 9 and is estimated either 
by individual assessment (individual impairment) for exposures where there is objective evidence that a loss event has 
occurred, or by using statistical models (model-based impairment) for other exposures to calculate probability-weighted 
expected cash flow. 
11-2. Classification and measurement of financial assets
Financial assets are classified in accordance with IFRS 9 into one of the following categories:
•	 Financial assets at fair value above other income and expenses
•	 Financial assets at amortised cost
•	 Financial assets at fair value through profit or loss
With the exception of derivatives, only a limited proportion of Storebrand's financial instruments fall under this group.
Fair value over profit after the fair value option
A significant proportion of Storebrand's financial instruments are classified in  the fair value through profit or loss cate­
gory  because the classification reduces mismatches in measurement or recognition that would otherwise have arisen as 
a result of different rules for measuring assets and liabilities.

206    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 built-in derivatives, such as interest rate guarantees. These insurance 
contracts do not comply with the accounting standard IFRS 9, but IFRS 17. 
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.
Insurance contracts with collective disability pension consist of both a risk period, where the insurance event is becoming 
disabled, and a payment period, where the insurance event is continuing to be disabled and having a claim to continued 
disability pension payment. Storebrand has therefore assessed the coverage period to be long.
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.

207    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 directly participating insurance contracts are grouped based only on profitability, regardless of year of issue. Store­
brand 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 sig­
nificant obligation to provide insurance contract services to the policyholder. Such an obligation to provide insurance 
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 because 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 7.
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.
•	 	Relocation 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.
The costs are estimated based on the company's own cost analyzes and are based on the actual operating costs during 
the last year in SPP. In Storebrand Livsforsikring it is based on actual costs for the last two quarters and future estimated 
costs for two quarters. The projection of the expected future costs follows the same principles as the basis for Solvency 
II. Only immediate cost reductions are included in the calculation when estimating future costs.
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, disability and hybrid pensions in Norway. It has been assessed 
that most acquisition costs are incurred just before or at the time of recognition.
Investment component
The amount that a policyholder can demand that Storebrand pay back to a policyholder under all circumstances, regard­
less 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.

208    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 (RA) 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 participating 
insurance contracts and comprise a large part of the Group's guaranteed products. Direct participating insurance con­
tracts are measured according to the variable fee approach. Other insurance contracts have no elements of direct parti­
cipation and are mainly measured according to the premium allocation approach (PAA), with the exception of collective 
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.
Company 
Product category
Measurement model 
Transition
Storebrand Livsforsikring Group
Group pension, paid-up policy and paid-up 
policy with investment choice (Private)
VFA 
Fair value
Individual endowment and pension insurance
VFA 
Fair value
Group pension (Public)
VFA 
Fair value
Hybrid pension 
VFA 
Fair value
Group pension related disability
GMM 
Fair value
Group life and individual life
PAA 
Full retrospec­
tive approach
Individual pension insurance (SPP)
VFA 
Fair value
Group pension (Private) (SPP)
VFA 
Fair value
Individual pension related (SPP)
PAA 
Full retrospec­
tive approach
Storebrand Forsikring 
Non-life
PAA 
Full retrospec­
tive approach

209    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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
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 the contractual service margin 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.
The present value of expected future cash flows is updated at the end of each period based on updated estimates of 
future cash flows, discount rate and risk adjustment for non-financial risk. The change in fulfilment cash flows is recogni­
sed as follows for contracts measured using the variable fee approach:
Changes that relate to future services, such as changes in assumptions 
relating to long life expectancy, disability and mortality.
Adjusted in relation to contractual service margin
Changes that relate to current or previous services, for example deviati­
ons in estimates and events related to longevity, disability and death.
Adjusted in relation to contractual service margin
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: 

210    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Changes that relate to future services, such as changes in assumptions 
relating to long life expectancy, disability and mortality.
Adjusted in relation to contractual service margin
Changes that relate to current or previous services, for example deviati­
ons in estimates and events related to longevity, disability and death.
Recognised in profit and loss from insurance services
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.
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.  
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.
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.
12-6 Risk adjustment
The risk adjustment for non-financial risk relates to risk arising from insurance contracts other than financial risk. The 
following non-financial risks are included in the risk adjustment:
•	 	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 was 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.

211    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
13. Pension liabilities for own employees 
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 when they are uncurred.
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. 
Buildings used for own operations by the Group are measured in accordance with the value adjustment model in IAS 16, 
where the property is recognised in the balance sheet at fair value less any accumulated depreciation and impairment 
losses. A quarterly assessment of the fair value of these buildings is carried out in the same way as described for invest­
ment properties. The increase in values for buildings used in own operations is recognised in the comprehensive income. 
Write-downs and any reversal of impairments are recognised in profit or loss.
 
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 liability are valued in accordance with IAS 12 and clarifications in IFRIC 23.
The tax expense in the income statement consists of tax payable, changes in deferred tax and supplementary tax. Tax is 
recognised in the income statement, except when it relates to items recognised in comprehensive income. Deferred tax 
and deferred tax assets are calculated on differences between the accounting and tax value of assets and liabilities. 
Deferred tax is calculated on the basis of the Group's tax carry-forward losses, tax-reducing temporary differences and 
tax-increasing temporary differences.
Any deferred tax asset is recognised if it is considered likely that the tax asset will be recovered. Assets and liabilities in 
connection with deferred tax are recognised net when there is a legal right to set off assets and liabilities in connection 
with tax payable, and the Group is able and intends to settle tax payable net. 
Changes in assets and liabilities in connection with deferred tax due to changes in the tax rate are recognised as a star­
ting point in the income statement.

212    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
The authorities in countries in which Storebrand operates have decided to introduce changes to tax legislation with effect 
from the 2024 income year. Storebrand is covered by the new regulations, and work is underway on implementation. 
For the time being, it appears that the tax consequences will be minimal for Storebrand. An assessment has been made 
that the life insurance company in Norway falls within the exemption rules on pension funds, and an ongoing assessment 
must be made of these requirements as there are still matters that are unclarified in the regulations regarding life insuran­
ce companies. There is therefore some uncertainty about these effects going forward.
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.
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.
In the course of 2024, inflation has been falling and developments in financial markets throughout the year have been ge­
nerally positive, but volatile. Several central banks have cut interest rates during the year due to falling inflation and a we­
aker labour market, but in Norway interest rates have remained unchanged as the weak Norwegian krone has contributed 
to higher underlying inflation than targeted. At the end of the year, the growth assumptions for 2025 have been revised 
upward, which has contributed to a downscaling of expected interest rate cuts going forward. For Storebrand, higher 
interest rate has a positive effect on the Group's financial results due to higher return on the Group's funds. Furthermore, 
a weak Norwegian krone and positive developments in financial markets contribute to higher assets under management, 
which leads to higher management fees.

213    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 fulfilment
•	 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.
Biometric prerequisites
Contracts measured according to the general measurement model and the variable fee approach include biometric risks 
such as life expectancy, mortality and disability. This means that an important source of estimate uncertainty when cal­
culating the future cash flows for the contracts is linked to assumptions and estimates about biometric risks.
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.
Unfavourable developments in biometric risks can lead to a reduction in the insurance service result or the contractual 
service 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.

214    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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:
31.12.2024
1 year
5 years
10 years
15 years
20 years
NOK
4.8 %
4.5 %
4.4 %
4.3 %
4.2 %
SEK
2.3 %
2.5 %
2.7 %
2.9 %
3.0 %
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, and the methodo­
logy is supported by Moody's report "Equivalent Confidence Level For the IFRS 17 Risk Adjustment". The confidence 
level is >95 percent.
Amortisation 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 amortisation 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 investment 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 mar­
gin, but prevents an artificial delay in income from expected excess returns. In stochastic scenarios where the risk-free 
interest 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. Exam­

215    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
ples 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 achieved.
Further information on insurance contract liabilities is given in notes 7, 37 and 38.
2-3 Investment properties and financial instruments 
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.
Financial instruments at fair value
There will be uncertainty associated with the pricing of financial instruments that are not priced in an active market. This 
is particularly relevant for those types of securities that are valued based on non-observable assumptions, including 
private equity investments, investments in foreign real estate funds, and other financial instruments where theoretical 
models are used for pricing. Various valuation techniques are employed to determine the fair value of these investments. 
Any changes to the assumptions could affect recognised amounts. The majority of such financial instruments are inclu­
ded in the customer portfolio.
There will be uncertainty associated with the valuation of fixed-rate loans classified at fair value due to variation in the 
interest rate terms offered by banks and since there will often be different credit risks associated with the individual bor­
rowers.
Reference is also made to note 12, in which the valuation of financial instruments at fair value is described in more detail.
2-4 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 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 prepa­
re a draft of a consultation paper 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.
The draft consultation paper was submitted by the Financial Supervisory Authority to the Ministry of Finance on 15 
December 2023. According to a unified financial industry, the draft consultation paper lacked essential elements related 
to impact assessment and implementation. The consultation draft has not been circulated for public consultation, and 
there is no official timeline for if or when this might occur.

216    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
2-5 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 and courts 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.
Note 3: Acquisitions 
AIP Management P/S
Storebrand Asset Management has acquired 50% of the shares in AIP Management and now holds a 60% ownership 
stake in the company. AIP Management is a Danish infrastructure manager with approximately NOK 95 billion in assets 
under management. In connection with the purchase, a gain of NOK 100 million has been recorded on the existing ow­
nership stake. AIP Management specializes in investments in the renewable energy sector. The company's headquarters 
are located in Copenhagen and consist of approximately 100 employees. The company also has offices in Spain and the 
USA. The transaction was completed on November 15, 2024. The acquisition is in line with Storebrand's growth strategy 
and will further strengthen Storebrand's position as a Nordic asset manager and pioneer in sustainability. 
The acquisition of AIP Management was announced on June 30, 2024, and the transaction was subsequently approved 
by the Danish Financial Supervisory Authority and the Ministry of Finance.
Acquisition analysis AIP
NOK million
Book values in
the company
Excess value
upon acquistion
Book 
values
Eiendeler
- Customer lists
443 
443 
Total intangible assets
443 
443 
Other assets
127 
127 
Bank deposits
107 
107 
Total assets
234 
443 
677 
Liabilities
Loans
24 
24 
Current liabilities
146 
146 
Deferred tax
111 
111 
Net identifiable assets and liabilities
63 
332 
396 
Goodwill
619 
Fair value at acquisition date
1,015 
Non-controlling interests
404 
Value of existing 10% ownership stake at the time of acquisition
101 
Conditional payment
151 
Cash payment
359 
Bank deposit in acquired business
107 
Cash payment
252 

217    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Income statement 2024
NOK million
After acquisition
Before acquisition
Income 
30
222
Profit 
-9
Lysaker Park Eiendom AS
Storebrand AIF AS, which is wholly owned by Storebrand Asset Management AS, has acquired 100% of the shares in 
the company Lysaker Park Eiendom AS. The transaction was completed on 21st of June 2024. Lysaker Park Eiendom AS 
owns the real estate property Professor Kohts vei 9, where Storebrand is currently headquartered. The gross property 
value amounts to approximately NOK 1.70 billion. After agreed customary purchase price adjustments, approximately 
NOK 1.62 billion was paid for the shares in Lysaker Park Eiendom AS.
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 is responsible for the Group's risk products in Norway and Sweden. The unit offers personal insurance, non-life 
insurance and personal risk products to the Norwegian and Swedish private markets, as well as personal insurance and 
pension-related insurance in the Norwegian and Swedish corporate 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
Under the Other category, the results of Storebrand ASA and Storebrand AIF AS are reported, as well as the results from 
the company portfolios in Storebrand Life Insurance and SPP. This also includes eliminations of intra-group transactions 
included in the other segments.
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 
amortisation 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:

218    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 collective pension insurance with an inte­
rest rate guarantee must be priced in advance. The level of the interest rate guarantee, the size of the buffer fund and 
the investment risk in the portfolio in which the pension funds are invested determine the fee the customer 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.
Operating expenses consist of the Group's total operating costs minus operating costs 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. 
Net 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 as of April 2024, the previous profit sharing and guarantee fees for premium-based insurance (IF 
portfolio) will be removed. The reason is a new guarantee structure. For prizes paid from 2016 to April 2024, a guaran­
tee fee applies. 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 percent to the 
company. The company's share of the total return on assets is included in the financial result. For performance insurance 
(KF portfolio), the company has the right to charge indexation fees if the group profit allows indexation of the insuran­
ce. 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 guarante­
ed 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 insu­
rance payments start, the company adds capital up to the guarantee obligation in the form of a realised capital contribu­
tion. 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 Sto­
rebrand 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.

219    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Alternative income statement
NOK million
Savings
Insurance
Guaranteed pension
2024
2023
2024
2023
2024
2023
Fee and administation income
6,327
5,443
1,540
1,600
Insurance result
1,640
1,122
- Insurance premiums f.o.a.
8,008
6,908
- Claims f.o.a.
-6,368
-5,787
Operating cost 
-3,831
-3,582
-1,404
-1,251
-871
-822
Cash equivalent earnings from operations
2,497
1,861
236
-129
669
778
Financial items and risk result life & pension
96
1
310
155
557
547
Cash equivalent earnings before 
amortisation
2,592
1,862
546
27
1,226
1,326
Amortisation of intangible assets 1) 
Cash equivalent earnings before tax 
NOK million
Other 2)
Storebrand Group
2024
2023
2024
2023
Fee and administation income
-282
-261
7,585
6,782
Insurance result
1,640
1,122
- Insurance premiums f.o.a.
8,008
6,908
- Claims f.o.a.
-6,368
-5,787
Operating cost 
34
-132
-6,072
-5,787
Cash equivalent earnings from operations
-248
-393
3,153
2,117
Financial items and risk result life & pension
1,788
658
2,751
1,362
Cash equivalent earnings before amortisation
1,539
265
5,904
3,480
Amortisation of intangible assets 1) 
-295
-379
Cash equivalent earnings before tax 
5,609
3,101
Tax
-854
116
Reconciliation between cach equivalent earning and profit for 
the year
768
160
Profit for the year
5,522
3,377
1) Amortisation of intangible assets are included in Storebrand Group
2) Includes eliminations of group transactions

220    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Geographical distribution
The Storebrand Group are represented in the following countries:
Segment/Country
Norway
Sweden
UK
Finland
Denmark
Germany
Luxem­
burg
Ireland
Savings 
X
X
X
X
X
X
X
X
Insurance
X
X
Guaranteed pension
X
X
Other
X
X
Saving is the main activity in all jurisdictions. Storebrand has the largest operations in Norway, but also a significant 
business in Sweden. The operations in the other countries are of a smaller size and have not had a material impact on the 
results for 2024. 
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. 
Organisation of risk management
The Group's organisation of the responsibility for risk management follows a model based on three lines of defence. The 
objective of the model is to safeguard the responsibility for risk management at both company and Group level.
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.  

221    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 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 loss as a result of inadequate or failing internal processes or systems, human error, or exter­
nal events.
Operational risk is reduced with an effective system for internal control. Risks are followed up through management's risk 
review with documentation of risks, measures and follow-up of incidents. In addition, there is internal audit's indepen­
dent control through board-approved audit projects.  
To handle serious incidents in business-critical processes, contingency plans and continuity plans have been prepared. 
Cyber risk and other forms of crime are becoming an increasingly important operational risk.  The threat landscape for cy­
bercrime is characterised by organised crime and increased geopolitical uncertainty. Technological developments enable 
the spread and increased automation of fraud, and an increasing targeting of cyber attacks. 
Our ability to manage cyber risk depends on good and proactive digital resilience. This involves a comprehensive se­
curity strategy, good plans for crisis management and continuity for our critical business processes, as well as training 
and exercises on relevant scenarios. This helps to reduce risk and increase the likelihood of good handling of undesirable 
incidents.
The asset management business has a modern and standardized core system combined with in-house developed appli­
cations. The banking platform and the insurance platform are based on purchased standard systems that are operated 
and followed up through outsourcing agreements. For the life insurance business, there is a large degree of in-house 
development, while parts of the operation are outsourced. Unit administration within defined-contribution occupational 
pensions and unit linked is handled in a purchased system solution.
Stable and secure technology and infrastructure are central to the business and reliable financial reporting. Errors and 
business interruptions can affect the trust of both customers and shareholders.  With cloud-based services and infrastru­
cture, the business has good built-in security solutions. For the parts of the technology services that have been outsour­
ced, risk-based supplier follow-up has been established with the aim of managing the risk associated with the develop­
ment, management, operation and information security of the IT systems. 
 

222    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 7: Financial market risk and insurance risk
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 effect of changes in the financial market for the IFRS result is reported below under Sensitivities.     
Financial market risk
Financial market risk is changes in values caused by financial market prices or volatility deviating from what is expected. 
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 main 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.
For 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 (Buffer fund in Norway, Conditional bonus in Sweden), 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 previous years' profits. Storebrand is responsible for covering any deficien­
cies 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 customer 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 is negatively affected by rising interest rates and positively affected by falling interest rates. For the 
consolidated financial statements, this is offset by the fact that the value of the insurance liabilities is interest rate sensiti­
ve in the opposite direction to the investments. This reduces the risk, but the net risk is falling interest rates.
There is uncertainty associated with the value of financial instruments that are valued on a model-based basis, and it 
must be assumed that for illiquid assets there may be a difference between the estimated value and the price achieved 
when sold in the market. Valuations related to investment properties are considered to have particular uncertainty. The 
valuation 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 valuations. The values reflect management's best estimates.
 

223    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Financial assets and liabilities in foreign currencies
NOK million
Balance sheet items 
excluding currency 
derivatives 
Forwad contracts
Net position 2024
Net position 
2023
Net in balance sheet
Net sales
in currency
in NOK
in NOK
DKK
815
-227
358
565
-48
CHF
94
-100
-6
-79
-278
HKD
221
-464
-243
-355
-430
CAD
242
-388
-146
-1,151
-1,615
EUR
2,568
-1,352
1,146
13,479
6,635
GBP
127
-281
-155
-2,208
-2,190
JPY
437
-675
-238
-1,726
-2,516
SEK
326,199
-13,560
312,636
321,353
247,116
USD
5,462
-6,910
-1,451
-16,474
-19,714
NOK 1)
100,573
-284
100,260
100,290
83,309
Other currency types
-245
-480
Insurance liabilities in SEK
-297,877
-257,831
Total net currency 
positions 
115,571
51,958
1) Equity and bond funds denominated in NOK with foreign currency exposurein i.a. EUR and USD NOK 104 billion.
The table above shows the currency positions as at 31 December 2024. The currency exposure is primarily related to 
investments in the Norwegian and Swedish insurance business.
	
Storebrand Livsforsikring:
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. Storebrand uses a principle for currency hedging called block hedging, which streamli­
nes 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 0.30 per cent of primary capital, which is approximately 18 million at present.
Insurance risk
Insurance risk is the risk arising from the uncertainty regarding the amount and timing of the insurance cash flows. Store­
brand Livsforsikring offers traditional life and pension insurance as both collective and individual contracts, and contracts 
where the customer has investment choices are also offered.

224    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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.	 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 provi­
ded for in the premium tariffs, the risk that the owner's profit will have to be charged to cover the necessary provisi­
oning 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 
Buffer fund
The buffer fund was introduced to provide insurance companies with better incentives to manage their pension assets 
with a view to achieve to higher expected returns, while at the same time retaining the security of their guaranteed re­
turns. The buffer fund is distributed among the contracts, and can cover negative returns and lack of returns up until the 
contract's annual interest rate guarantee. The company has established guidelines for allocations to the buffer fund and 
for release from the buffer fund. The company can set aside all or part of a surplus on the return result to the buffer fund.
Rules on a pooled and customer-distributed buffer fund were introduced for municipal pension schemes with effect from 
1 January 2022 and from 1 January 2024 for private pension schemes. The buffer fund replaces previous additional 
provisions and the market value adjustment funds for contractually distributed funds.
Premium fund, deposit fund and pensioners' surplus funds
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 
membership period of less than 12 months. Deposits and withdrawals are not booked in the income statement, but 
directly on the balance sheet.
The pensioners’ surplus fund consists of surplus allocated to the premium reserve linked to pensions under payment 
in collective pension insurance. The fund must be used each year as a one-off premium to supplement the pensioners’ 
benefits.
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. The company has market value adjust­
ment reserves for non-contractually distributed technical provisions.
Risk equalisation fund
There is an opportunity to set aside up to 50 per cent of the positive risk result for collective pensions and paid-up po­
licies, as well as the reactivation result for individual disability pensions to the risk equalisation fund to cover any future 
negative risk result. The risk equalization fund is recognized as a liability according 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.

225    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 con­
sist of income recognition of CSM based on the coverage unit, change in risk adjustment, the difference between expec­
ted and actual payments (only for GMM), the difference between expected and actual costs, change in LRC and LIC and 
loss or reversal of loss for onerous contracts. The loss component is systematically depreciated as the contract expires. 
The depreciation affects both the insurance cost and income, but it does not have a net effect on overall earnings.
The insurance service result for contracts reported according to the premium allocation approach consists of premiums 
in the period. An equal premium is modelled for each reporting 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.
When entering a contract for individual risk products in Norway, a health assessment of the customer is carried out. The 
result of the assessment is reflected in the level of the risk premium required. When entering into collective agreements 
with risk coverage, a health assessment is made of the employees in companies with few employees, otherwise a decla­
ration of fitness for work is required. In the assessment of risk, the company's business category, industry and medical 
history can also be taken into account.
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 IFRS 17.
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.

226    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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. 
Assuming that market changes occur over a period of time, dynamic risk management will reduce the effect of the negati­
ve 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 the 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 spreads and stocks
The table shows the CSM effect as of 31.12.2024 for the different sensitivities, as well as the level used.
NOK million
CSM as at end of period
Impact on CSM
13,507
Equity 
-25%
-2,891
Property
-10bp
-1,009
Interest rate 
+50bp
305 
Interest rate 
-50bp
-384
Spread 
+50 bp+15bp
-1,041
Mortality 
-5%
-323
Disability 
+5%
25 
Exoenses 
+5%
-301
The sensitivity calculations indicate that financial market risk has the greatest impact on CSM. A fall in stocks, 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:
Sensitivity - insurance risk - Storebrand Livsforsikring
NOK million
Effect on inurance 
contracts liabilities (LIC) 
and rsik adjustment (RA)
Effect on profit 
before tax
Effect on equity 
after tax
5 per cent increase in insurance contracts 
liabilities
326
-325
-238
5 per cent increase in claim ratio
115
-140
-101
1  per cent decrease in interest rate curve
116
-116
-88

227    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Sensitivity - insurance risk - Storebrand Forisikring
NOK million
Effect on inurance 
contracts liabilities (LIC) 
and rsik adjustment (RA)
Effect on profit 
before tax
Effect on equity 
after tax
5 per cent increase in insurance contracts 
liabilities
73
-73
-54
5 per cent increase in claim ratio
61
-184
-138
1  per cent decrease in interest rate curve
19
-19
-14
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.
Note 8: Liquidity risk
Liquidity risk is the risk that the company will not be able to meet its obligations without incurring significant additional 
costs in the form of a fall in the price of assets that must be realised, or in the form of extra expensive financing.
For insurance companies, especially life insurance companies, the insurance obligation is long-term and the cash flows 
are largely known long before they fall due. In addition, there is a need for liquidity to handle payments related to opera­
tions and liquidity needs related to derivative contracts. Liquidity risk is managed through liquidity forecasts and by pla­
cing parts of the investments in highly liquid securities, e.g. government bonds. Based on these measures, the liquidity 
risk is considered to be low. 
Liquidity risk is one of the greatest risk factors for banking operations, and the regulations set requirements for liquidity 
management and liquidity indicators. The bank's risk strategy states that liquidity risk should be low to moderate. Liqu­
idity risk guidelines specify principles for liquidity management and provide board-stipulated limits for various liquidity 
and funding indicators. Liquidity risk is also addressed in the bank's ICAAP/ILAAP and recovery plan. In addition, a fun­
ding strategy and funding plan are prepared annually that sets the overall framework for the bank's funding activities.
In line with legal requirements, separate liquidity strategies have also been prepared for the other subsidiaries. These 
strategies specify limits and measures to ensure good liquidity and specify a minimum allocation to assets that can be 
traded at short notice. The strategies define limits for allocation to different types of assets, and entail that companies 
have money market investments, bonds, equities and other liquid investments that can be traded as needed.
In addition to clear strategies and risk management of the liquidity in each individual subsidiary, the parent company of 
the Group has established a liquidity buffer. At the overall level, developments in cash reserves are monitored conti­
nuously in relation to internal limits. A particular risk is that financial markets may be closed to new borrowing periods at 
times. Measures to minimise liquidity risk include maintaining a consistent maturity structure for the loans, low costs, an 
adequate liquidity buffer and credit agreements with banks that the company can draw on if necessary.

228    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 
2024
Total 
booked 
value 
2023
Subordinated loan capital 2)
1,648
842
5,176
2,843
432
10,942
10,807
11,501
Loans and deposits from credit 
institutions
3,415
3,415
3,415
283
Deposits from bank customers
31,285
119
31,403
31,403
23,948
Debt raised from issuance of 
securities
4,514
2,805
22,552
11,746
1,280
42,897
39,669
40,655
Other current liabilities
49,177
28
126
49,331
49,331
51,015
Derivatives
3,726
100
876
721
3,615
9,038
8,988
6,118
Uncalled residual liabilities Limit­
ed partnership
3,544
3,544
Unused credit lines lending
22,863
22,863
Lending commitments
2,712
2,712
Total financial liabilities 
122,882
3,894
28,730
15,311
5,328
176,144
143,614
Total financial liabilities 2023
109,907
2,886
24,817
19,661
9,577
166,848
133,520
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.

229    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Specification of subordinated loan capital 1)
NOK million
Nominal 
value
Currency
Interest 
Maturity
Book value 
2024
Book value 
2023
Issuer
Perpetual subordinated loan capital 2)
Storebrand Livsforsikring AS 5)
1,100
NOK
Variable
2024
863
Storebrand Livsforsikring AS 3)
900
SEK
Variable
2026
928
910
Storebrand Livsforsikring AS
300
NOK
Variable
2028
302
302
Storebrand Livsforsikring AS 3)
400
SEK
Variable
2028
414
406
Storebrand Livsforsikring AS 3)
300
NOK
Fixed
2028
313
316
Tidsbegrenset ansvarlig lån
Storebrand Livsforsikring AS 3,6)
862
SEK
Variable
2025
887
907
Storebrand Livsforsikring AS 3,5)
1,000
SEK
Variable
2024
1,010
Storebrand Livsforsikring AS 6)
426
NOK
Variable
2025
427
501
Storebrand Livsforsikring AS 4)
650
NOK
Variable
2027
653
653
Storebrand Livsforsikring AS 3,4)
750
NOK
Fixed
2027
748
763
Storebrand Livsforsikring AS 3,4)
1,250
NOK
Variable
2027
1,259
1,260
Storebrand Livsforsikring AS 3)
300
EUR
Fixed
2031
3,022
2,782
Storebrand Livsforsikring AS 3,4)
1,000
SEK
Variable
2029
1,026
Storebrand Bank ASA
125
NOK
Variable
2025
126
126
Storebrand Bank ASA
300
NOK
Variable
2026
300
300
Storebrand Bank ASA
400
NOK
Variable
2027
403
403
Total subordinated loans and hybrid tier 
1 capital 
10,807
11,501
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 been repaid 2024
6) The loan has partly been repaid September 2024
Specification of loans and deposits from credit institutions
NOK million
Book value
2024
2023
Call date
2024
283
2025
3,415
Total loans and deposits from credit institutions
3,415
283

230    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Spesification of securities issued
NOK million
Book value
2024
2023
Call date
2024
6,071 
2025
6,040 
8,288 
2026
10,367 
11,001 
2027
10,379 
8,127 
2028
9,946 
5,905 
2029
995 
2031
1,248 
1,264 
2038
693 
Total securities issued
39,669 
40,655 
The loan agreements and credit facilities contain covenants. 
Covered bonds
Covered bonds are issued by Storebrand Boligkreditt. There is a regulatory requirement for over-collateralisation of at 
least 5 per cent.
Credit facilities
Storebrand ASA has an unused credit facility of EUR 200 million, which runs until December 2029 with two one-year 
extension options.
Financing activities - movements during the year
NOK Million
Subordinated 
loan capital
Liabilities 
to financial 
institutions
Securities 
issued
Book value 1.1.24
11,501 
283 
40,655 
Admission of new loans/liabilities
1,040 
13,152 
6,355 
Repayment of loans/liabilities
-1,899
-10,021
-7,305
Change in accrued interest
-4
62 
Exchange rate adjustments
95 
27 
Change in value/amortisation
74 
-125
Book value 31.12.24
10,807 
3,415 
39,669 

231    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 9: Credit risk
Storebrand has a risk of losses related to counterparties not meeting their debt obligations. The risk also includes losses 
on loans and losses related to non-performance by counterparties in financial derivatives.
The limits for credit risk vis-à-vis individual counterparties and collectively within rating categories are decided by the 
boards of directors of the individual companies in the Group. Emphasis has been placed on diversifying credit exposure 
to avoid concentration of credit risk on individual debtors and sectors. Changes in the debtor's credit rating are monitored 
and followed up. As far as possible, the Group uses published credit ratings supplemented by its own assessments. 
Underlying investments in funds managed by Storebrand are included in the tables.
Credit risk by counterparty
Bonds and other fixed-income securities at fair value
Category by issuer or guarantor
AAA
AA
A
BBB
NIG
Not rated
Total
Total
NOK million
Fair value
Fair value
Fair value
Fair value
Fair value
Fair value
Fair value 
2024
Fair value 
2023
Government and government 
guaranteed bonds
46,086
20,908
28
20
102
67,145
68,443
Corporate bonds
20,629
15,608
53,621
44,604
3,825
9,976
148,262
158,380
Structured notes
16,788
8,648
8,474
4,601
172
531
39,213
14,560
Collateralised securities
4,423
4,423
6,065
Total interest bearing securities 
stated by rating
87,926
45,164
62,122
49,224
3,998
10,609
259,044
247,448
Bond funds not managed by 
Storebrand
40,813
39,852
Non-interest bearing securities 
managed by Storebrand
-2,332
-903
Total 
87,926
45,164
62,122
49,224
3,998
10,609
297,525
Total 2023
81,667
46,456
60,814
50,791
5,146
2,573
286,397
Interest bearing securities at amortised cost
Category of issuer or guarantor
AAA
AA
Total
Total
NOK million
Fair value
Fair value
Fair value 
2024
Fair value 
2023
Government and government guaranteed bonds
2,732
787
3,519
3,531
Collateralised securities
2,765
2,765
2,471
Total 
5,497
787
6,284
Total 2023
5,360
642
6,002

232    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Counterparties
NOK million
AAA
AA
A
BBB
Not rated
Total
Total
Fair value
Fair value
Fair value
Fair value
Fair value
Fair value 
2024
Fair value 
2023
Derivatives
205
1,223
13
1,397
2,837
9,026
Of which derivatives in bond funds, 
managed by Storebrand
147
122
270
933
Total derivatives excluding deriva­
tives in bond funds
58
1,100
13
1,397
2,568
Total derivatives excluding derivatives 
in bond funds 2023
1,070
5,252
1,771
8,093
Bank deposits 1)
6
4,586
5,540
2
6
10,140
15,559
Of which bank deposits in bond 
funds, managed by Storebrand
894
2
4
899
1,644
Total bank deposits excluding bank 
deposits in bond funds 
6
4,586
4,647
2
9,241
Total bank deposits excluding bank 
deposits in bond funds 2023
6
4,598
9,196
115
13,916
Loans to financial institutions
2,703
12
67
2,781
1,138
 1) of which tied-up bank deposit (tax 
deduction account)
445
445
401
Rating classes based on Standard & Poor's.
NIG = Non-investment grade.
Loan portefolio
Kredittrisiko på utlånsporteføljen
NOK million
A
BBB
NIG
Not rated
Total
Total
Fair value
Fair value
Fair value
Fair value
Fair value 
2024
Fair value 
2023
Corporate loans at fair value
221
794
7,183
8,198
10,391
Total corporate loans 2024
221
794
7,183
8,198
Total corporate loans 2023
2,200
4,364
1,173
2,654
10,391

233    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Risk groups, home loans
NOK million
2024
2023
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
Low risk
85 %
72,850 
5,802 
78,652 
34 
89 %
67,447 
4,045 
71,492 
34 
Medium risk
13 %
11,465 
69 
11,534 
3 
10 %
7,701 
87 
7,789 
2 
High risk
1 %
1,027 
2 
1,029 
1 %
532 
532 
Non-performing and 
loss-exposed loans incl. 
loans with evidence of 
impairment
1 %
489 
489 
348 
348 
Total loans
100 %
85,831 
5,874 
91,704 
38 
100 %
76,028 
4,133 
80,161 
37 
Loan commitments and 
financing certificates, 
secured
2,712 
2,712 
2,607 
2,607 
Total home loans incl. 
loan commitments and 
financing certificates
85,831 
8,585 
94,416 
38 
76,028 
6,740 
82,768 
37 
The classification of risk classes for residential mortgages is based on, among other things, the degree of collateral colla­
teral, any delays in payment, default and other factors that may affect the risk.
Overview of loan loss provisions and securities on loans in stage 3
NOK million
2024
2023
Gross 
amount
Loan 
loss 
provi­
sions
Net 
value
Value of 
collat­
eral
Type of 
collat­
eral
Gross 
amount
Loan 
loss 
provi­
sions
Net 
value
Value 
of col­
lateral
Type of 
collateral
Non-performing loans 
without evidence of 
impairment
- retail exposures secured 
by mortgages on immova­
ble property
223 
-7
216 
349 
resi­
dential 
property
213 
-7
206 
340 
residential 
property
- unsecured retail expo­
sures including credit 
cards exposures
70 
-49
21 
54 
-38
16 
Total non-performing 
loans without evidence 
of impairment
293 
-56
237 
267 
-45
222 
Loss-exposed loans with 
evidence of impairment
- retail exposures secured 
by mortgages on immova­
ble property
240 
-38
202 
294 
resi­
dential 
property
111 
-20
91 
137 
residential 
property
- other exposures includ­
ing SME exposures
1 
-1
1 
-1
Total loss-exposed 
loans with evidence of 
impairment
241 
-39
202 
112 
-21
91 

234    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
The majority of Storebrand's loans are mortgages to private customers. The mortgages are granted and administered 
by Storebrand Bank, but a significant proportion of the loans have been transferred to Storebrand Life Insurance as part 
of the investment portfolio. Storebrand Life Insurance and SPP also have loans to companies as part of the investment 
portfolio. The corporate market segment of Storebrand Bank has been discontinued. 
As of 31.12.2024, Storebrand has net loans to customers totalling NOK 94 billion, before provisions for losses of NOK 
0.1 billion. 
The corporate market portfolio consists of income-generating property and development property with few customers 
and few defaults, which are mainly secured by a mortgage on commercial property
In the retail market, it is mainly loans secured on residential property. Customers are assessed on the basis of their ability 
and willingness to service the loan. In addition to servicing ability, customers are checked against policy rules and credit 
classified. There is low default (06 per cent) in the retail portfolio. 
The average weighted loan-to-value ratio for residential mortgages is about 61 (62) per cent. About 46 (43) per cent of 
housing exposures are within the 60 per cent LTV ratio, 91 (87) per cent are within the 85 per cent LTV ratio and 99.7 
(99) per cent are within the 100 per cent LTV ratio. The portfolio is considered to have low credit risk.
Total committments by remaining term
NOK million
2024
2023
Loans to 
and receiv­
ables from 
customers
Unused 
credit line
Total 
commit-
ments
Loans to 
and receiv­
ables from 
customers
Unused 
credit line
Total 
commit-
ments
Up to one month
153
52
205
43
7
50
1 - 3 months
760
6
767
381
31
412
4 months - 1 year
4,835
82
4,917
4,789
74
4,862
2 -5 years
5,915
508
6,422
8,112
498
8,611
More than 5 years
83,067
6,400
89,467
73,531
4,620
78,151
Total gross commitments
94,730
7,049
101,779
86,855
5,230
92,086
Default occurs after 90 days of arrears/overdrafts above both absolute and relative thresholds. All debtor commitments 
are considered non-performing if default has occurred on at least one of them. The absolute threshold is set at NOK 
1000 (per exposure), and the relative threshold is 1 per cent 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 
7,914 
7,914 
Other service providers
5 
6 
Wage-earners and others
86,201 
7,032 
93,233 
6 
48 
93 
146 
Others
609 
17 
626 
2 
2 
Total
94,729 
7,049 
101,778 
6 
48 
95 
148 
Expected loss stage 1
-5
-1
-6
Expected loss stage 2
-45
-3
-48
Expected loss stage 3
-92
-1
-94
Total loans to customers 2024
94,587 
7,044 
101,724 
6 
48 
95 
148 
Total loans to customers 2023
86,762 
5,217 
92,046 
10 
29 
66 
105 

235    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 event of default, Storebrand Bank ASA will sell the collateral or take over the assets if it is most appropriate.
Total engagement amount by remaining term to maturity
NOK million
2024
2023
Loans to and 
receivables from 
customers
Unused 
credit line
Total com­
mit-ments
Loans to 
and receiv­
ables from 
customers
Unused 
credit line
Total com­
mit-ments
Overdue 1-30 days
177 
2 
179 
276 
2 
278 
Overdue 31-60 days
96 
97 
97 
97 
Overdue 61-90 days
13 
13 
25 
25 
Overdue more than 90 days
319 
319 
292 
292 
Total
606 
2 
608 
689 
2 
691 
Investments subject to netting agreements/CSA 
NOK million
Booked 
value fin. 
assets
Booked 
value fin. 
liabilites
Net booked 
fin. assets/ 
liabilities
Cash 
(+/-)
Securities 
(+/-)
Net
exposure
Investments subject to netting 
agreements
2,558 
8,986 
-6,428
-5,575
-100
-753
Investments not subject to netting 
agreements
9 
2 
8 
Total 2024
2,568 
8,988 
-6,421
Total 2023
8,093 
6,118 
1,975 
In order to reduce counterparty risk on outstanding derivative transactions, framework agreements have been entered 
into with counterparties that regulate, among other things, how collateral is to be provided for changes in market values 
that are calculated on a daily basis.
Financial assets at fair value through profit and loss (FVO)
NOK million 
2024
2023
Booke value maximum exposure for credit risk 
324,538 
313,901 
Collateral
5,241 
31 
Net credit risk
329,779 
313,932 
This year's change in fair value due to change in credit risk 
2,520 
-1,147
Accumulated change in fair value due to change in credit risk
1,707 
-3,315
Storebrand has none related credit derivatives or collateral.

236    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 10: Concentrations of risk
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 and 
SPP Pension & Försäkring AB. Other companies directly owned by Storebrand ASA that are exposed to significant risks 
are Storebrand Forsikring 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 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 commercially, for its investments including real estate and for its insurance 
obligations. Both acute and chronic physical climate change and the risk from the transition to low emissions can have an 
impact. 
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 

237    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
costs for adapting buildings to achieve lower climate emissions. There is also physical risk, especially from increased 
incidents of extreme rainfall and flooding.
The valuation of property is based on information that is not observable, level 3, see note 12. Climate risk can affect the 
valuation both through calculated cash flows and return requirements for the property. The cash flow can be affected, for 
example, because climate change creates a need for upgrades or because the ownership costs are affected by the buil­
ding's energy efficiency. The property's environmental standard is one of the factors considered when the yield is set.
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 claims payments as a consequence of climate and nature 
changes. The greatest risk is acute physical climate risk in the form of damage from extreme precipitation or flooding, 
especially for property below ground level. In principle, Storebrand Forsikring can increase the insurance premium when 
more extreme weather results in more and more expensive insurance cases. In practice, it is difficult to adapt the pre­
mium to rapid climate and weather changes. The natural hazard pool has a risk-reducing effect in the short term. 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 cur­
rency swaps are also valued theoretically. Swap rates and exchange rates that form the basis of the valuation are obtai­
ned from Bloomberg, Cambidge FIS and Refinitiv. 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.  

238    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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.
Equities
Of external companies, alternative investments organized as joint stock companies make up the majority. These are 
valued based on value-adjusted equity reported from external sources when available.
Units
Of fund shares, private equity funds make up the majority at level 3. There are also some other types of funds such as 
loan funds, infrastructure funds, property funds and microfinance 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, but this is based on a three-month delay for underlying 
funds. Underlying values are updated on a weekly basis after reporting. 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 de­
velopment 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 2024. 
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.
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 

239    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
(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 
office model is based on the rental price overview from Area statistics, as well as data and observations from brokers. A 
long-term, time-weighted average of the annual observations is calculated in which the oldest observations are weighted 
with the lowest importance. For non-contractual rent in the short-term, the current rental prices and market situation are 
used. For trading, the forecast is based on the development of the shopping centre.
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 2024, 
external valuations were obtained for properties worth NOK 11.9 billion (50 per cent of the portfolio’s value as at 31 
December 2024). 
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 on a quarterly basis for properties in the Swedish business.
Valuation of financial instruments to amortised cost
 
NOK Million
Nivå 2
Nivå 3
Total 
fair value 
31.12.24
Book 
value 
31.12.24
Total 
fair value 
31.12.23
Book 
value 
31.12.23
Observable 
assump- 
tions
Non- 
observable 
assump- 
tions
Financial assets
Loans to and due from financial institutions
2,781
2,781
2,781
1,138
1,138
Loans to customers - corporate
-1
-1
-1
Loans to customers - retail 
355
355
355
375
375
Bonds held to maturity
20
20
Bonds classified as loans and receivables
6,284
6,284
6,278
6,002
6,010
Total financial assets 31.12.2024
6,283
3,136
9,419
9,413
Total financial assets 31.12.2023
6,021
1,514
7,535
7,543
Financial liabilities
Debt raised by issuance of securities
39,569
39,569
39,669
40,668
40,655
Loans and deposits from credit institutions
3,415
3,415
3,415
283
283
Deposits from banking customers
31,403
31,403
31,403
23,948
23,948
Subordinated loan capital
10,838
10,838
10,807
11,528
11,501
Total financial liabilities 31.12.2024
85,224
85,224
85,295
Total financial liabilities 31.12.2023
76,427
76,427
76,387

240    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Valuation of financial instruments and properties at fair value
 
NOK million
Level 1
Level 2
Level 3
31.12.24
31.12.23
Quoted 
prices 
Observable 
assumptions
Non-observable 
assumptions
Assets:
Equities and units
 - Equities
57,719
374
107
58,200
41,701
 - Fund units
330,625
26,135
356,759
292,165
Total equities and fund units 31.12.24
57,719
330,999
26,242
414,959
Total equities and fund units 31.12.23
41,240
270,925
21,701
333,866
Loans to customers
  - Loans to customers - corporate
8,199
8,199
10,391
  - Loans to customers - retail 
18,312
18,312
17,113
Loans to customers 31.12.24
26,511
Loans to customers 31.12.23
27,504
27,504
Bonds and other fixed-income 
securities
  - Government bonds
28,996
32,517
61,513
62,768
  - Corporate bonds
90,355
8
90,363
106,242
  - Structured notes
37,694
37,694
14,055
  - Collateralised securities
3,798
3,798
5,731
  - Bond funds
84,071
13,933
98,004
91,125
Total bonds and other fixed-income 
securities 31.12.24
28,996
248,435
13,941
Total bonds and other fixed-income 
securities 31.12.23
27,674
237,100
15,146
279,920
Derivatives:
  - Equity derivatives
37
37
  - Interest derivatives
-3,201
-3,201
-3,165
  - Currency derivatives
-3,256
-3,256
5,140
Total derivatives 31.12.24
-6,458
37
-6,421
   - of which derivatives with a positive 
market value 
2,522
46
2,568
8,093
  - of which derivatives with a negative 
market value 
-8,979
-9
-8,988
-6,119
Total derivatives 31.12.23
1,975
1,975
Properties:
Investment properties
34,404
34,404
32,644
Properties for own use
1,820
1,820
1,737
Total properties 31.12.24
36,225
36,225
Total properties 31.12.23
34,382
34,382

241    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Movements between quoted prices and observable assumptions
NOK million
From quoted prices to 
observable assumptions
From observable 
assumptions to 
quoted prices
Equities and fund units
61
91
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.
Financial instruments and real estate at fair value - level 3
NOK million
Equities 
Fund 
units
Loans to 
customers
Corporrate 
bonds
Bond 
funds
Investment 
properties
Properties 
for own use
Book value 01.01.24
116
21,586
27,504
8
15,138
32,644
1,737
Net gains/losses on financial 
instruments
57
5,697
496
42
419
44
Supply
1
12
2,470
315
2,283
39
Sales
-68
-1,294
-4,084
-1,810
-1,201
-3
Exchange rate adjustments
75
126
248
250
-2
Other
60
9
5
Book value 31.12.24
107
26,135
26,511
8
13,933
34,404
1,820
As of 31.12.24, Storebrand Livsforisikring had NOK 7.180 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. 
Valuation of financial instruments at fair value over OCI (FVOCI)
 
NOK Mill.
Level 2
Level 3
Fair value 
31.12.24
Fair value 
31.12.23
Observable
 assumptions
Non- observable 
assumptions
Assets
Loans to customers
  - Loans to customers - retail 
67,721
67,721
58,882
Total loans to customers 31.12.24
67,721
67,721
Total loans to customers 31.12.23
58,882
58,882
Bonds and other fixed-income securities
  - Government bonds
1,150
1,150
1,847
  - Corporate bonds
3,484
3,484
4,133
  - Structured notes
1,519
1,519
497
Sum obligasjoner og verdipapirer med fast 
avkastning 31.12.24
6,154
6,154
Sum obligasjoner og verdipapirer med fast 
avkastning 31.12.23
6,477
6,477

242    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Financial instruments at fair value over OCI - level 3
NOK Mill.
Loans to 
customers
Book value 01.01.24
58,882
Net gains/losses on financial instruments
-32
Additions
28,089
Sales
-19,218
Book value 31.12.24
67,721
Sensitivity for financial instruments and properties at fair value
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 MSCI World
Increase + 10 %
Decrease - 10 %
Change in fair value per 31.12.24
1,017
-1,017
Change in fair value per 31.12.23
900
-900
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 4,5 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 proper­
ties 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 required rate of return
0.25 %
-0.25 %
Change in fair value per 31.12.24
-1,634
1,807
Change in fair value per 31.12.23
-1,607
1,782
Infrastructure
The valuation of the underlying infrastructure investments will be impacted by changes in the required rate of return and 
assumptions relating to future cashflow.
 
NOK million
Change in value underlying real estate
Increase + 5 %
Decrese - 5 %
Change in fair value per 31.12.24
274
-274
Change in fair value per 31.12.23
166
-166

243    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Other investments at level 3: 
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.
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.  
Loans are  appraised at fair value. The value of these loans is determinated by discounting future cash flows with the 
associated swap curve adjusted for an issuer-specific credit spread. Loans from SPP Pension & Försäkring AB are ap­
praised 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.
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.
The sensitivity of these investments is not significant for the group.
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's ambition is for the ordinary dividend per share to be at least at the same nominal level as the previous year. 
Ordinary dividends are paid at a sustainable solvency margin of more than 150 per cent. In the event of a solvency margin 
above 175 per cent, the board's intention is to propose extraordinary dividends or share buy-backs. In general, equity in 
the Group can be managed without material restrictions if capital requirements are met and the respective legal entities 
have prudent solvency. 

244    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Solvency capital
NOK million
31.12.24
31.12.23
Total
Group 1
unlimited
Group 1
limited
Group  2
Group  3
Total
Share capital
2,240
2,240
2,327
Share premium
10,842
10,842
10,842
Reconciliation reserve 
34,581
34,581
30,286
Counting subordinated loans 
8,795
1,976
6,819
8,943
Deferred tax assets
223
223
266
Risk equalisation reserve
1,267
1,267
1,091
Deductions for CRD IV subsidiaries
-7,144
-7,144
-5,972
Expected dividend
-2,040
-2,040
-1,834
Total basic solvency capital
48,764
38,479
1,976
8,086
223
45,948
Subordinated capital for subsidiaries regulated in 
accordance with CRD IV
7,144
5,972
Total solvency capital
55,908
51,921
Total solvency capital available to cover the 
minimum capital requirement
42,468
38,479
1,976
2,013
39,621
Solvency capital requirement and -margin 
NOK million
31.12.24
31.12.23
Market risk
18,928
18,842
Counterparty risk
919
1,062
Life insurance risk
11,160
11,069
Health insurance risk
1,046
1,049
P&C insurance risk
951
746
Operational risk
1,503
1,508
Diversification
-7,880
-7,777
Loss-absorbing ability defferd tax
-4,405
-4,437
Total solvency capital requirement - insurance company
22,221
22,062
Capital requirements for subsidiaries regulated in accordance with CRD IV
5,778
5,037
Total solvency capital requirement
28,000
27,099
Solvency margin
200 %
192 %
Minimum capital requirement
10,065
10,304
Minimum margin
422 %
385 %
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.

245    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Capital- and capital requirements in accordance with the conglomerate directive
NOK million
31.12.24
31.12.23
Capital requirements for CRD IV  companies
6,394
5,541
Solvency captial requirements for insurance 
22,221
22,062
Total capital requirements
28,615
27,603
Net primary capital for companies included in the CRD IV report
7,144
5,972
Net primary capital for insurance
49,070
45,948
Total net primary capital
56,214
51,921
Overfulfilment
27,599
24,318
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 2024, the difference amounted to NOK 616 million. 
Note 14: Income from asset management
NOK million
2024
2023
Management fees form securities funds
2,594 
2,159 
Management fees from active management
47 
443 
Management fees from alternative investment funds
780 
506 
Total income from asset management
3,420 
3,108 
Note 15: Income from banking activities
NOK million
2024
2023
Interest income loans
4,169 
2,954 
Commisions
116 
115 
Total income from banking activities
4,285 
3,069 
Note 16: Other income
NOK million
2024
2023
Return commissions
46
50
Insurance related income
103
96
Revenue from companies other than banking and insurance
148
136
Change quality reserve
45
Other income
73
85
Total other income 
370
413

246    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 17: Insurance revenue and -expenses
NOK Million
31.12.2024
Guaranteed pension
Insurance
Total
Guar­
anteed 
products - 
Norway
Guar­
anteed 
products - 
Sweden
Pension 
related 
disability 
insurance 
- Norway
P&C and 
Individual 
Life
Group 
Life and 
Disability 
Insurance
Contracts measured under VFA and GMM
Amounts relating to changes in LRC
   Expected incurred claims and other insurance 
service expenses
         Expected incurred claims
-4
-1
511
507
         Expected incurred expenses
560
203
143
906
   Change in the risk adjustment for non-financial 
risk for risk expired
200
105
23
328
   CSM recognised in P&L for services provided
1,217
485
297
1,999
Recovery of insurance acquisition cash flows
3
5
10
18
Insurance revenue from contracts measured 
under VFA and GMM
1,976
797
984
3,757
Insurance revenue from contracts measured under 
the PAA
5,016
1,509
6,525
Total insurance revenue
1,976
797
984
5,016
1,509
10,282
Incurred claims and other directly attributable 
expenses
        Incurred claims
1
1
-480
-3,592
-1,462
-5,531
       Incurred expenses
-612
-206
-127
-1,115
-181
-2,241
Changes that relate to past service - Adjustment to 
the LIC
-344
250
-94
Losses on onerous contracts and reversal on those 
losses
404
-92
-352
-40
Insurance acquisition cash flows amortisation
-3
-5
-10
-18
Total insurance service expenses
-210
-302
-968
-5,052
-1,393
-7,925
Net income (expenses) from reinsurance contracts 
held 
-2
4
20
-5
16
Total insurance service result
1,765
495
19
-16
111
2,374

247    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK Million
31.12.2023
Guaranteed pension
Insurance
Total
Guar­
anteed 
products - 
Norway
Guar­
anteed 
products - 
Sweden
Pension 
related 
disability 
insurance 
- Norway
P&C and 
Individual 
Life
Group 
Life and 
Disability 
Insurance
Contracts measured under VFA and GMM
Amounts relating to changes in LRC
   Expected incurred claims and other insurance 
service expenses
         Expected incurred claims
611 
611 
         Expected incurred expenses
520 
201 
110 
831 
   Change in the risk adjustment for non-financial 
risk for risk expired
185 
98 
52 
336 
   CSM recognised in P&L for services provided
1,106 
450 
342 
1,898 
Recovery of insurance acquisition cash flows
2 
4 
6 
12 
Insurance revenue from contracts measured 
under VFA and GMM
1,813 
753 
1,121 
3,687 
Insurance revenue from contracts measured under 
the PAA
4,161 
1,300 
5,461 
Total insurance revenue
1,813 
753 
1,121 
4,161 
1,300 
9,148 
Incurred claims and other directly attributable 
expenses
        Incurred claims
4 
-573
-3,208
-1,043
-4,820
       Incurred expenses
-598
-210
-96
-827
-176
-1,907
Changes that relate to past service - Adjustment to 
the LIC
76 
-267
-191
Losses on onerous contracts and reversal on those 
losses
-269
-12
-490
-771
Insurance acquisition cash flows amortisation
-2
-4
-6
-12
Total insurance service expenses
-865
-226
-1,165
-3,959
-1,486
-7,701
Net income (expenses) from reinsurance contracts 
held 
-1
-1
28 
-8
17 
Total insurance service result
946 
527 
-45
230 
-194
1,464 
Note 18: Operating expenses and number of employees
Operating expenses
NOK million
2024
2023
Personnel expenses
-3,487
-3,307
Amortisation/write-downs 
-449
-437
Other operating expenses
-3,472
-3,372
Total operating expenses
-7,409
-7,115

248    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Spesification of operating expenses in income statement
NOK million
2024
2023
Operating expenses included in "insurance service expenses"
-2,101
-1,907
Operating expenses
-5,234
-5,147
Total operating expenses in income statement
-7,336
-7,054
Acquistion costs insurance contracts
-73
-62
Total operating expenses
-7,409
-7,115
Number of employees 1) 
2024
2023
Number of employees 31.12
2,324
2,247
Average number of employees
2,262
2,201
Number of person-years 31.12
2,303
2,228
Average number of person-years
2,242
2,185
1) Does not include temporary employees.
Note 19: Pension expenses and penion 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 124,028 at 31 
December 2024)                                   
•	 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 
2.7 % in 2024 and unchanged in 2025.   
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

249    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 4 per cent of salary up to and including 7.5 times the “basic income 
amount” and 32 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 76,200 in 2024 and will be SEK 
80.600 in 2025), 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 positon
NOK million
2024
2023
Present value of insured pension liabilities
901
953
Fair value of pension assets
-1,044
-955
Net pension liabilities/assets insured scheme
-143
-1
Asset celing 1)
181
35
Present value of unsecured liabilities 
135
138
Net pension liabilites recognised in statement of financial position
173
172
1) Pension assets that cannot be recognized in the statement of financial position
Net pension expenses booked to profit and loss account, specified as follows
NOK million
2024
2023
The period's payment to contribution scheme
13
11
The period's payment to contractual pension
303
296
The period's payment to AFP 
26
23
Net pension expenses recognised in profit and loss account in the period
343
329

250    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 20: Remuneration to senior employees and elected officers of the company
NOK thousand
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)
Senior employees
 Odd Arild Grefstad 
9,805
175
9,980
1,885
18
6,228
286,021
 Lars Aa. Løddesøl 
7,022
189
7,211
1,314
18
11,244
188,162
 Jan Erik Saugestad 
8,012
150
8,162
1,504
12
1,200
155,015
 Trygve Håkedal 
5,145
25
5,169
929
12
14,307
49,623
 Tove Selnes 
4,066
145
4,211
702
12
15,800
49,442
 Vivi Måhede Gevelt 
5,022
20
5,042
903
12
10,036
23,822
 Jenny Rundbladh 
5,238
23
5,261
1,313
12
16,908
  Camilla Leikvoll 
4,669
22
4,691
849
12
3,940
20,544
Total 2024
48,979
748
49,727
9,402
62,755
789,537
Total 2023
50,869
767
51,636
9,810
50,835
834,936
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. The loan is repaid according to 
an amortization schedule that follows ordinary market terms for mortgage loans.
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
NOK thousand
Remuneration
Loan 1)
No. of shares owned 2)
Board of Directors
Jarle Roth
1,012
11,000
Didrik Munch 4)
261
NA
NA
Martin Skancke 3)
1,154
45,000
Karin Bing Orgland 4)
162
NA
Christel Elise Borge
610
11,000
Benjamin K. Golding
466
4,000
Marianne Bergmann Røren
517
10,000
Fredrik Åtting 4)
178
Jaan Ivar Semlitsch
519
10,000
Viveka Ekberg
681
77,071
Stine Beate Moe
391
6,208
1,020
Aleksander Nyland
202
1,020
Hans-Petter Salvesen 4)
309
NA
Hanne Seim Grave
520
1,779
1,690
Svein Thomas Lømork 4)
173
NA
Total 2024
7,155
7,987
171,801
Total 2023
6,139
14,363
1,147,220
1) Loans up to NOK 7 million follow ordinary employee- term while excess loan amounts will be subject to market terms. The loan is repaid according to an amortization schedule that 
follows ordinary market terms for mortgage loans.
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.
4) Resigned from the board during 2024
Loans to Group employees totalled NOK 5.295 million.

251    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 21: Remuneration paid to auditors
NOK million
2024
2023
Statutory audit
-15.5
-15.4
Other reporting duties
-4.3
-2.3
Tax advice
-0.1
Other non-audit services 
-0.3
-0.4
Total remuneration to auditors
-20.2
-18.1
The amounts above are incluing VAT.
Note 22: Interest expenses banking activities
NOK million
2024
2023
Interest expenses financial institutions
-2,050
-1,593
Interest expenses deposits from banking customers
-1,001
-503
Sum rentekostnader bankvirksomhet
-3,052
-2,096
Note 23: Other expenses
NOK million
2024
2023
Management fees banking activites
-36
-32
Fee "Bankenes Sikringsfond"
-26
-26
Reinsurance expenses 1)
-30
-73
Other expenses
-57
-35
Total other expenses
-150
-166
1) Expenses in 2023 include a one-time expense of NOK 44 million related to the buyout of a reinsurance agreement in Danica
Note 24: Net income on financial and property investments
Net income on financial and property investments
NOK million
2024
2023
Net income financial investments
72,969 
57,343 
Net income property investments
1,868 
-1,235
Total net income on financial and property investments
74,837 
56,108 
Distribution between company and customers:
- company
3,140 
1,066 
- insurance contracts 
14,240 
16,521 
- investment contracts
57,458 
38,522 
Total
74,837 
56,108 

252    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Finance expenses from insurance contracts issued
NOK million
2024
2023
Finance expenses from insurance contracts measured under GMM
-399
51 
Finance expenses from insurance contracts measured under VFA
-14,063
-14,998
Discounting effect
365 
-325
Total finance expenses from insurance contracts issued
-14,096
-15,272
Finance expenses from investment contracts
NOK million
2024
2023
Net income on financial and property investments
-57,458
-38,522
Profit from associated companies and joint ventures
113 
Total finance expenses from investment contracts
-57,458
-38,409
Net income analysed by class of financial instrument
NOK million
Dividend/ 
interest 
income 
etc.
Net gains 
and losses 
Net reval­
uation on 
invest­
ments
2024
2023
Profit on equities and fund units
1,012 
14,383 
55,192 
70,587 
44,955 
Profit on bonds and other fixed-income securities
10,724 
865 
270 
11,859 
13,976 
Profit on finacial derivatives
-2,557
-924
-7,939
-11,420
-2,077
Profit on loans (including losses from loans)
1,064 
139 
302 
1,504 
85 
Profit from bank
661 
661 
652 
Total gains and losses on financial assets at fair value 
10,903 
14,463 
47,825 
73,191 
57,591 
 - of which FVO (fair value option)
12,933 
14,232 
55,739 
82,905 
59,153 
Net income on bonds to amortised cost
41 
41 
-6
Net icome on loans to amortised cost
-59
-59
-54
Total gains and losses on financial assets to amortised cost
-18
-18
-59
Management fee
-204
-189
Total gains and losses on financial assets
10,903 
14,445 
47,825 
72,969 
57,343 

253    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Net income from properties
NOK million
2024
2023
Rent income from properties 1)
1,950 
1,740 
Operating expenses (including maintenance and repairs) relating to properties 2)
-458
-417
Result minority defined as liabilities
-119
19 
Total
1,374 
1,342 
Realised gains/losses 
369 
-0
Change in fair value
125 
-2,576
Total income properties
1,868 
-1,235
1) Of which real estate for own use
124 
112 
2) Of which properties for own use
-49
-45
Net income on financial and property investments over OCI
NOK million
Net revaluation 
on investments
2024
2023
Profit on bonds and other fixed-income securities
-23
-23
82 
Change fair value on loans to customer
2 
2 
Total gains and losses on financial assets at fair value  over OCI
-21
-21
82 
Note 25: interest expenses
NOK million
2024
2023
Interest expenses subordinated loans
-863
-852
Interest expenses deposits from banking customers/financial institutions
-46
-26
Interest expenses lease liabilities
7
-11
Other interest expenses
-20
Total interest expenses
-922
-889
Note 26: Tax
Tax expenses on ordinary pre-tax profit
NOK million
2024
2023
Tax payable
-120
-107
Change in deferred tax
-1,001
191
Total tax expenses on ordinary profit
-1,121
84

254    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Reconciliation of tax expenses against ordinary pre-tax profit
NOK million
2024
2023
Ordinary pre-tax profit
6,643
3,294
Expected income tax at nominal rate
-1,660
-813
Tax effect of
   shares ("Fritaksmetoden")
378
229
   share dividends received
2
3
   associated companies
1
-31
   profit subject to return tax
168
167
   permanent differences
-83
40
   deferred tax on the increase in value of properties for customer assets 1)
94
71
   deferred tax on the increase in value of properties for customer assets covered by customer 
returns 1)
-94
-71
  change in tax rate/tac rules
68
52
Changes from previous years
4
436
Total tax charge
-1,121
84
Effective tax rate 2)
17 %
-3 %
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
2024
2023
Tax on other comprehensive income elements not to be reclassified to profit/loss
2
3
Tax on other comprehensive income elements that may be reclassified to profit/loss
5
-21
Total tax expenses on other comprehensive income elements
8
-17

255    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Calculation of deferred tax assets and deferred tax on temporary differences and losses carried for­
ward
NOK million
2024
2023
Tax-increasing temporary differences
Securities 
238
158
Properties 1)
4,742
4,199
Fixed assets
110
45
Intangible assets
942
379
Gains/losses account
26
58
Other
892
615
Total tax-increasing temporary differences
6,949
5,454
Tax-reducing temporary differences
Securities 
-602
-838
Fixed assets
-17
-9
Provisions
-37
-30
Accrued pension liabilities
-121
-119
Insurance contracts liabilities
-5,346
-6,692
Gains/losses account
-2
-2
Other
-8
Total tax-reducing temporary differences
-6,125
-7,699
Carryforward losses
-2,825
-5,833
Basis for net deferred tax and tax assets 
-2,001
-8,078
Write-down of basis for deferred tax assets
945
307
Net basis for deferred tax and tax assets
-1,056
-7,771
Net deferred tax assets/liabilities in balance sheet 1) 2) 3)
-909
-2,117
Recognised in balance sheet
Deferred tax assets
2,147
3,134
Deferred tax 
1,409
1,232
3) Uncertain tax positions
The tax rules for the insurance industry have undergone changes in recent years. In some cases, Storebrand and the Nor­
wegian 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. Uncer­
tain 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.
 
A.	 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, with Storebrand Livsforsikring  as a legal assis­
tant. In a petition dated 15 March 2024, the Ministry of Finance states that the remaining issue is regarding the direct 
group contributions, and Storebrand sees that a substantial part of the uncertain tax position is therefore considered 
finally settled. In a petition dated 21 June 2024, the Ministry of Finance accepts that NOK 1.5 billion of the direct 

256    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
group contributions of NOK 2.9 billion are not a repayment of contributed capital. The disputed amount is therefore 
NOK 1.4 billion.

In the case with the direct group contributions that was hold in the City Court in September 2024, a verdict was 
reached om 5. November 2024. The Tax Appeal Board was fully upheld. The Ministry of Finance has appealed to the 
Court of Appeal. 

With regard to the direct group contribution from Storebrand Eiendom Holding AS to Storebrand Livsforsikring AS, 
the assessment is that there is a preponderance of probability that the Company's view will prevail in a legal process, 
and an uncertain tax position has therefore not been recognised in the financial statements based on the subpoena. 
If the Ministry of Finance were to prevail with its view on the direct group contribution, how the amount of NOK1.4 
billion should be treated in tax law is not an issue in the case. In the company’s opinion the remaining NOK 1.4 billion 
will be distributed among the company’s 2,300 shares and treated according to the share-by-share principle and the 
estimated tax cost would be between NOK 100 million and NOK 150 million.
 
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. According to the Ministry of Finan­
ce's clarifications in the pleadings ahead of the District Court's consideration of the case, only NOK 175 million of the 
group contributions in question could increase the initial value of the property shares if the Ministry of Finance were 
to prevail with its view. In that case, Storebrand will have to account for an associated tax cost of approximately NOK 
44 million.

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 aforementioned uncertain tax positions.
Pillar two – minimum taxation
The authorities in jurisdictions where Storebrand operates, 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 but does not operate in countries that have a corporate tax below 15 per­
cent. The group is working on the introduction of supplementary tax. It currently appears that the tax consequences will 
be minimal for Storebrand, and that the group can make use of the transition rules in Safe Harbour. An assessment has 
been made that the lifeinsurance company in Norway falls within the exception rules on pension funds, and an ongoing 
assessment must be made of these requirements. There are still matters that are not clarified in the regulations surroun­
ding lifeinsurance companies, and there is therefore some uncertainty about these effects going forward. There has not 
been recognised  tax related to the new regulation in the 2024 financial statements.

257    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 27: Intangible assets and fair value adjustments on purchased insurance contracts
NOK million
Intangible assets
Goodwill
2024
2023
IT systems
VIF 1)
Other 
intangible 
assets
Acquisition cost 01.01,
2,292
2,630
3,271
3,750
11,944
10,956
Additions in the period
- Developed internally
115
115
90
- Purchased separately
159
1
1
160
329
- Purchased via acquistion/merger
-7
442
617
1,052
384
Disposals in the period
-158
Exchange rate adjustments
11
53
28
47
139
343
Other changes
0
-1
Acquisition cost 31.12
2,570
2,683
3,741
4,415
13,410
11,944
Accumulated depreciation and write-
downs 01.01
-1,358
-2,309
-1,918
-304
-5,889
-4,967
Write-downs in the period
-17
-62
-79
-87
Amortisation in the period 2)
-301
-81
-275
-656
-645
Disposals in the period
12
12
Exchange rate adjustments
-4
-48
-18
-71
-194
Other changes
-6
-1
1
-6
3
Acc. depreciation and write-downs 
31.12
-1,675
-2,438
-2,210
-366
-6,689
-5,889
Book value 31.12
895
245
1,531
4,050
6,721
6,055
1) Value of business-in-force, the difference between market value and book value of the insurance liabilities in SPP and Silver
Specification of amortisation of intangible assets
NOK million
2024
2023
Amortisation in the period - VIF
-81
-79
Write-downs in the period - other intangible assets
-61
-87
Amortisation in the period - other intangible assets
-282
-300
Total write-downs/amortisation of intangible assets in income statement
-424
-466
Write-downs/amortisation of IT-systems are booked as operating expenses

258    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Specification of intagible assets
NOK million
Useful 
economic life
Depr. 
rate
Depr. 
method
Book value 
2024
Book value 
2023
Significant intangible assets:
IT systems
3 years/10 
years
33%/10%
Straight line
895
932
Value of business in force SPP
20 years
5 %
Straight line
245
322
Customer relations AIP
10-15 years
10 7 6,7%
Straight line
436
0
Customer contracts Danica
8 to 15 years
7% - 13%
Straight line
635
704
Total significant intangible assets
2,211
1,958
Not significant intangible assets:
Distribution agreement Danica
15 yars
7 %
Straight line
5
6
Customer relations Skagen
10 years
10 %
Straight line
117
157
Customer relations Cubera
7 years
14 %
Straight line
44
75
Brand name St:Erik
10 years
10 %
Straight line
25
27
Customer relations Insr
5 years
20 %
Straight line
47
98
Brand name Skagen
10 years
10 %
Straight line
42
57
Brand name Kron
5 years
20 %
Straight line
15
17
Brand name Cubera
3 years
33 %
Straight line
7
Customer relations Capital Investment
7 years
14 %
Straight line
150
181
Customer relations Kron
5 years
20 %
Straight line
13
20
Other intangible assets
5 years
20 %
Straight line
2
4
Total not significant intangible assets
460
650
Total
2,671
2,608

259    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Goodwill distributed by business acquisition
NOK million
Business area
Acquisi­
tion cost 
01.01
Accu­
mulated 
write-
downs 
01.01
Book val­
ue 01.01
Supply/ 
dispos­
als/ 
currency 
effect
Write-
downs
Book 
value 
31.12.23
Book 
value 
31.12.22
Significant portion of 
goodwill:
Skagen 
Savings
1,007
1,007
1,007
1,007
SPP
Guarant.pen­
sion/Savings
804
804
16
820
804
Capital Investment
Savings
639
639
31
670
639
AIP Management
Savings
617
617
0
Total significant por­
tion of goodwill
2,450
2,450
664
3,113
2,450
Not significant por­
tion of goodwill:
Delphi Fondsforvalt­
ning
Savings
35
-4
32
32
32
Storebrand Bank ASA
Other
422
-300
122
122
122
SPP Fonder
Savings
48
48
1
49
48
Cubera
Savings
206
206
206
206
Kron
Savings
286
286
1
-62
225
286
Danica
Guarant.pen­
sion/Savings/
Insurance
302
302
302
302
Total not significant 
portion of goodwill
1,300
-304
997
2
-62
936
997
Total
3,750
-304
3,446
665
-62
4,050
3,446
Goodwill is not amortised, but is tested annually for impairment.
Calculations related to the future will be uncertain. The valuation will be affected by various growth parameters, expec­
ted returns and the required rate of return that is used as a basis. The objective 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 financial statement. Simulation 
with reasonable and also conservative assumptions indicates a value for the intangible assets that justifies the book 
value.
 
Calculation of recoverable amount for significant and non-significant intangible assets and goodwill
To determine whether goodwill and other intangible assets have been impaired, the recoverable amount of the relevant 
cash-generating units is estimated. Recoverable amounts are determined by calculating the value in use of the business. 
To estimate the value in use, management uses discounted future cash flows for a period of five years. The calculations 
are based on board-approved budgets and forecasts for the upcoming three-year period (2025-2027). For the period 
2028-2029, management has made assessments and determined an annual growth rate per element in the income 
statement.
 
The key assumptions used in the calculation of value in use include:
Discount rate: The discount rate is determined using the CAPM model. The risk-free rate is 10-year government bonds 
for the jurisdiction in which the entity is located. Beta is determined using Damodaran's European betas for the relevant 
industry. The market risk premium is set at 5 percent for all units.
Terminal value growth rate: The terminal value growth rate is set at 2 percent, which is in line with the expected long-
term growth rate for the market.
Key assumptions: Board-approved budget and forecast assumptions are based on historical experience, market conditi­
ons and management's expectations of future developments.
 

260    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Intangible assets related to the acquisition of SPP
Storebrand Livsforsikring AS acquired SPP Pension & Försäkring AB and its subsidiaries in 2007. The majority of the 
intangible assets related to SPP were the value of business in force (VIF). After the implementation of IFRS 17, VIF for 
insurance contracts is no longer an intangible asset, but part of the contractual service margin that is part of the insuran­
ce contracts liabilities for guaranteed products. Remaining intangible assets are related to investment contracts. SPP is 
considered a single cash-generating unit and the development of future results for SPP will affect the value in use.
In calculating the value in use, management has used budgets and forecasts approved by the board for the upcoming 
three-year period (2025-2027). For the period 2028-2029, the administration has made assessments and determi­
ned an annual growth per element in the income statement of 4 percent. In calculating the terminal value, a growth rate 
corresponding to the Sveriges Riksbank's inflation target of 2 percent is used. The main drivers of long-term profit growth 
will be the return on assets under management, underlying inflation and wage developments in the market (which drive 
premium growth). Value in use is calculated using a required rate of return after tax of 7.5 percent. 
Intangible assets related to the acquisition of Danica
 Storebrand Livsforsikring AS acquired Danica Pensjon AS (Danica) in 2022. In connection with the acquisition, additi­
onal values ​related to customer relationships, distribution agreements and goodwill were identified. The company was 
merged with Storebrand Livsforsikring AS in 2023 and is integrated into Storebrand Livsforsikring's operations. In cal­
culating value in use, management has used board-approved budgets and forecasts for the upcoming three-year period 
(2025-2027). For the period 2028-2029, administration has made assessments and determined an annual growth per 
element in the income statement of 2 percent. In calculating the terminal value, a growth rate corresponding to the cen­
tral bank of Norway's inflation target of 2 percent is used. Value in use is calculated using a required rate of return after 
tax of 9 percent. It is assumed that all capital in excess of regulatory equity can be withdrawn at the end of each period.
 
Intangible assets related to the acquisition of AIP Management 
Storebrand has completed further acquisitions of shares in AIP Management and Storebrand now owns 60% of the 
company. In connection with the acquisition, additional values ​related to customer relationships and goodwill were iden­
tified. The transaction was formally completed on 15 November 2024 and the carrying amounts correspond to cost less 
accumulated depreciation at the end of the financial year. There are no circumstances that indicate that the valuation as 
of 15 November has changed significantly.
 
Intangible assets related to the acquisition of Skagen
Storebrand Asset Management AS acquired Skagen AS (Skagen) in 2017. The intangible assets related to Skagen are 
customer relationships, brand name and goodwill.
In calculating the value in use, management has used budgets and forecasts approved by the board for the coming 
three-year period (2025-2027). For the period 2028-2029, the administration has made assessments and determined 
an annual growth per element in the income statement of 2 percent. In calculating the terminal value, a growth rate of 2 
percent is used. The main drivers of profit growth in the long term will be affected by the assumption of expected returns 
in the financial markets, management fees and underlying inflation. Value in use is calculated using a required rate of 
return after tax of 7.5 percent.
 
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 
related to Capital Investment are customer relationships and goodwill.
In calculating the value in use, management has used budgets and forecasts approved by the board for the coming 
three-year period (2025-2027). For the period 2028-2029, the administration has made assessments and determined 
an annual growth per element in the income statement of 2 percent. In calculating the terminal value, a growth rate of 2 
percent is used. This is in line with the National Bank of Denmark's inflation target. The main drivers of profit growth in 
the long term will be affected by the assumption of expected returns in the financial markets, activity in the transaction 
market, management fees and underlying inflation. Value in use is calculated using a required rate of return after tax of 
7.5 percent.
Valuation sensitivities
Calculations related to the future will be uncertain. The value in use will be affected by assumptions about expected re­
turns in the financial markets, costs, customer churn, revenue development, and the required rate of return that is used. 
Simulation with reasonable and also conservative assumptions indicates that all cash-generating units have a value that 
justifies the book value, cf. IAS 36. The sensitivity analyses indicate that the value in use for all units exceeds the book 
value even with an increase in the required rate of return of at least 2.5 percentage points or at a growth rate of 0 percent 
in the terminal value. 

261    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 28: Tangible fixed assets and lease agreements
NOK million
Vehicles/ 
equipment
Real estate
2024
2023
Book value 01.01
102
102
75
Additions 1)
16
1,644
1,661
43
Value adjustment recognised through the balance sheet
90
90
Addition via acquisition/merger
8
8
Depreciation
-27
-17
-45
-16
Exchange rate adjustments
2
2
1
Other changes
2
2
Book value 31.12
103
1,717
1,820
102
1) see note 3.
Specification of tangible fixed assets and lease agreements in balance sheet
NOK million
2024
2023
Tangible fixed assets
1,820 
102 
Right-of-use assets
834 
1,159 
Book value 31.12
2,654 
1,261 
Allocation by company and customers
Tangible fixed assets - company
2,654
1,261
Total tangilbe fixed assets and lease agremments
2,654
1,261
Lease agreements
The Group’s leased assets include offices and other real estate, IT equipment and other equipment. 
The Group’s right-of-use assets are categorised and presented in the table below:  
NOK million
Buildings
IT-equipment
2024
2023
Book value 01. 01
1,736 
101 
1,836 
1,625 
Additions
24 
-9
15 
170 
Additions through acquistion
61 
61 
Disposals
-875
-86
-961
-2
Exchange rate adjustments
16 
1 
17 
44 
Book value 31. 12
961 
7 
967 
1,837 
Accumulated write-downs/depreciations 01.01
-602
-76
-677
-520
Depreciation
-85
-5
-90
-152
Sales
560 
75 
635 
Exchange rate adjustments
-1
-1
-1
-5
Accumulated write-downs/depreciations 31.12
-127
-6
-133
-678
Booked value 31.12
834 
0 
834 
1,159 

262    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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
2024
2023
Year 1
41 
148 
Year 2
37 
139 
Year 3
32 
138 
Year 4
26 
75 
Year 5
24 
11 
After 5 years
720 
719 
Total non-discounted lease liabilities 31. 12.
880 
1,230 
Changes in lease liabilities
NOK million
2024
2023
Upon initial adoption 01.01
1,180 
1,109 
New/changed lease liabilities recognised during the period
-263
170 
Payment of principal
-98
-157
Accrued interest
8 
10 
Exchange rate adjustments
15 
49 
Total lease liabilities 31. 12
841 
1,180 
Other lease expenses included in the income statement
NOK million
2024
2023
Lease expenses for assets with low value
-21
-18
Total lease expenses included in operating expenses
-21
-18
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. 

263    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Specification of subsidaries with substantial minority (100% figures)
NOK million
2024
AIP
NOK million
AIP
Assets
260 
Liabilities
230 
Equity - majority
15 
Equity - minority
10 
Income
252 
Result after tax
-8
Total comprehensive income
-8
Profit and ownership interests in associated companies and joint ventures
NOK million
Business 
location
Ownership 
share
Profit
31.12
Book value 
31.12.24
Book value 
31.12.23
Associated companies
Storebrand Eiendomsfond Norge KS
Bærum
27.9 %
252 
4,162 
Quantfolio AS
Oslo
34.0 %
-21
37 
58 
Din Salgskonsulent AS
Trondheim
25.0 %
5 
27 
Other associated companies
-5
23 
4,612 
Joint ventures
Försäkringsgirot AB
Stockholm
16.7 %
11 
10 
VIA
Oslo
50.0 %
196 
3,152 
3,144 
Storebrand Helseforsikring AS 1)
Lysaker
0.0 %
265 
Total
428 
7,412 
8,089 
Booked in the statement of financial
 position
Investments in associated companies - 
company
-8
233 
555 
Investments in associated companies - 
customers
436 
7,180 
7,533 
Total
428 
7,412 
8,089 
1) Classified held for sale, see also note 45

264    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 30: Classification of financial assets and liabilities
NOK million
Fair value, 
OCI
Fair value, 
Profit & 
Loss
Liabilities, 
fair value 
profit & 
Loss
Assets 
at amor­
tised cost
Liabil­
ities at 
amortised 
cost
Total 
2024
Total 
2023
Financial assets
Bank deposits
9,241
9,241
13,916
Shares and fund units
414,959
414,959
333,866
Bonds and other fixed-income securities
6,154
291,371
6,278
303,803
292,407
Loans to financial institutions
2,781
2,781
1,138
Loans to customers
67,721
26,510
355
94,586
86,761
Accounts receivable and other short-term 
receivables
5,707
44,124
49,831
48,733
Derivatives
2,568
2,568
8,093
Total financial assets 
73,875
741,115
62,779
877,769
Total financial assets 2023
65,359
653,199
66,355
784,914
Financial liabilities
Investement contracts liabilities
429,471
429,471
354,270
Subordinated loan capital
10,807
10,807
11,501
Loans and deposits from credit institutions
3,415
3,415
283
Deposits from banking customers
31,403
31,403
23,948
Securities issued
39,669
39,669
40,655
Derivatives
8,988
8,988
6,118
Other current liabilities
57
49,274
49,331
51,015
Total financial liabilities 
438,516
134,568
573,084
Total financial liabilities 2023
364,060
123,730
487,791
Note 31: Equities and fund units
NOK million
2024 
Fair value
2023
Fair value
Equities
58,200
41,701
Private Equity fund investments
18,124
17,131
Fund units
333,115
271,679
Infrastructure funds
5,520
3,354
Total equities and fund units
414,959
333,866
Allocation by company and customers:
Equities and fund units - company
704
920
Equities and fund units - customers with guarantee
414,256
332,946
Total
414,959
333,866

265    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 32: Bonds and other fixed income securities
Bonds at amortised cost
NOK million
2024
2023
Book value
Fair value
Book value
Fair value
Government bonds
3,520
3,519
3,541
3,531
Corporate bonds
20
20
Collateralised securities
2,757
2,765
2,470
2,471
Total bonds at amortised cost
6,278
6,284
6,030
6,022
Storebrand Bank
Modified duration
0.3
0.1
Average effective yield
4.9 %
5.0 %
Bonds at fair value over OCI (FVOCI)
NOK million
2024
2023
Book value
Fair value
Book value
Fair value
Government bonds
1,150 
1,150 
1,847 
1,847 
Corporate bonds
3,484 
3,484 
4,133 
4,133 
Structured notes
1,519 
1,519 
497 
497 
Total bonds at fair value over OCI
6,154 
6,154 
6,477 
6,477 
Allocation by company and customers:
Bonds - company
6,154 
6,477 
Total
6,154 
6,477 
For individual fixed-interest securities, the effective interest rate is calculated based on both the securities' booked value 
and the fair value (market value). For fixed-income securities without observed market prices, the effective interest rate 
is calculated on the basis of fixed-interest periods and the classification of the individual security with regard to liquidity 
and credit risk. The weighting to the average effective interest rate for the total holdings is made using the individual se­
curity's share of total interest rate sensitivity as weights. 
NOK million
Stage 1
12-month ECL 
Total  2024
Total 2023
Loan loss provisions 01.01.
-1
-1
-1
ECL changes of balances on financial assets without changes in stage in the 
period
-1
-1
Loan loss provisions 31.12.
-2
-2
-1
Loan loss provisions on loans to customers valued at fair value through other 
comprehensive income (OCI)
-2
-2
-1
Total
-2
-2
-1

266    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Bonds at fair value 
NOK million
Fair value
2024
2023
Government bonds
61,513
62,768
Corporate bonds
90,864
106,242
Structured notes
37,694
14,055
Collateralised securities
3,798
5,731
Bond funds
97,503
91,105
Total bonds and other fixed-income securities
291,371
279,900
Allocation by company and customers:
Bonds and other fixed-income securities - company
22,868
25,983
Bonds and other fixed-income securities - customers with guarantee
268,503
253,916
Total
291,371
279,900
Fair value
Storebrand Life 
Insurance 
SPP  Pension & 
Insurance 
Storebrand 
Bank
Storebrand 
Insurance 
Storebrand 
ASA
Modified duration
4.5
0.7
0.8
0.2
0.3
Average effective yield
4.6%
2.3%
4.9%
4.8%
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.
Note 33: Derivatives
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.

267    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Gross nominal 
volume 1)
Gross booked 
value fin. assets
Gross booked 
value fin. 
liabilities
Net amount 
2024
Net amount 
2023
Equity derivatives
46 
9 
37 
Interest derivatives 2)
179,620 
2,093 
5,295 
-3,201
-3,165
Currency derivatives
183,581 
428 
3,684 
-3,256
5,140 
Total derivater 31.12.24
2,568 
8,988 
-6,421
Total derivater 31.12.23
8,093 
6,118 
1,975 
Distribution between company and 
customers:
Derivatives - company
140 
526 
Derivatives - customers with guarantee
-6,561
1,448 
Total
-6,421
1,975 
1) Values 31.12.
2) See note 43 collateral for derivative trading classified as derivatives
Note 34: Loans
Loan, portfolio and guarnatees
NOK million
Booked value 
31.12.24
Booked value 
31.12.23
Loans to customers at amortised cost
420 
423 
Loans to customers at fair value through profit and loss
26,511 
27,505 
Loans to customers at fair value through other comprehensive income (OCI)
67,799 
58,928 
Total gross loans to customers
94,730 
86,856 
Provision for expected loss stage 1
-6
-7
Provision for expected loss stage 2
-45
-21
Provision for expected loss stage 3
-92
-66
Net loans to customers
94,586 
86,762 

268    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Loan loss provisions
NOK million
31.12.24
31.12.23 
Total
stage 1
stage 2
stage 3
Total
12-month 
ECL 
Lifetime 
ECL - no 
objective 
evidence of 
impairment
Lifetime 
ECL - 
objective 
evidence of 
impairment
Loan loss provisions 01.01.24
10 
29 
66 
105 
77 
Transfer to stage 1 (12-month ECL)
12 
-11
-1
Transfer to stage 2 (lifetime ECL - no objective evidence of 
impairment)
-1
2 
-1
Transfer to stage 3 (lifetime ECL - objective evidence of impair­
ment)
-2
2 
Net remeasurement of loan losses
-12
16 
26 
30 
34 
New financial assets originated or purchased
3 
14 
5 
22 
29 
Financial assets that have been derecognised
-2
-5
-6
-13
-11
ECL changes of balances on financial assets without changes 
in stage in the period
-4
6 
11 
13 
-3
ECL allowance on written-off (financial) assets
-9
-9
-21
Loan loss provisions  31.12.24
6 
48 
95 
148 
105 
Loan loss provisions on loans to customers valued at amor­
tised cost
1 
15 
49 
65 
47 
Loan loss provisions on loans to customers valued at fair value 
through other comprehensive income (OCI)
4 
30 
44 
77 
45 
Loan loss provisions on guarantees and unused credit limits
1 
3 
2 
6 
13 
Total loan loss provisions
6 
48 
95 
148 
105 
Non-performing and loss-exposed loans
NOK Mill.
31.12.24
31.12.23
Non-performing and loss-exposed loans without identified impairment
293 
267 
Non-performing and loss-exposed loans with identified impairment
241 
112 
Gross non-performing loans
533 
379 
Write-downs stage 3
-93
-66
Net non-performing loans 1)
440 
313 
1) The figures apply in their entirety to Storebrand Bank 

269    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 35: Properties
Eiendomstype
31.12.24
31.12.23
31.12.24
NOK million
Required 
rate of 
return % 1)
Average 
duration of 
lease (years) 3)
KVM
Office buildings (including parking and storage):
Oslo-Vika/Filipstad Brygge
9,006
8,542
4,60 - 6,10
7.9
97,651
Rest of Greater Oslo
3,656
4,367
5,08 - 8,41
5.4
70,756
Office buildings in Sweden
74
75
Shopping centres (including parking and storage)
Rest of Norway
6,424
5,388
5,35 - 7,40
4.5
180,318
Housing Sweden 2)
3,150
3,007
Car parks
Multi-storey car parks in Oslo
932
890
5.10
4.0
43,000
Other properties:
Housing properties Sweden 2)
4,266
3,714
4.05
0.5
120,154
Hotel Sweden 2)
2,888
2,774
4.83
8.4
35,872
Service properties  Sverige 2)
3,052
2,933
4.69
9.1
61,161
Properties under development Norway
956
954
7.75
0.0
38,820
Total investment properties
34,404
32,644
647,732
Properties for own use
1,820
1,737
4.27
5.8
19,421
Total properties
36,225
34,382
667,153
Allocation by company and customers:
Properties - customers with guarantee
36,225
34,382
Total
36,225
34,382
1) The properties are valued on the basis of the following effective required rate of return (inluded 2.0 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.
4) Includes properties taken over i connection with loss-exposed loans of approximately NOK 400 million. 
As of 31.12.24, Storebrand Life Insurance had NOK 7 180 million invested in Storebrand Eiendomsfond Norge KS and 
VIA, Oslo.
The investments are classified as “Investment in associated Ccmpanies and joint ventures” in the Consolidated Financial 
Statements. 
Storebrand Eiendomsfond Norge KS and VIA, Oslo  invest exclusively in real estate at fair value. 
See note 12 for sensitivity assessment for properties
Vacancy
Norway
The vacancy rate for lettable areas was 4,79per cent (5,43 per cent) at the end of 2024
At the end of 2024, a total of 9.94 per cent (14.83 per cent) of the floor space in the investment properties was vacant
The vacancy rate is decreased largely due to Ruseløkkveien 14 and Filipstad Brygge 1 beeing almost fully rented
Sweden
At the end of 2024, the vacancy for investment properties was 0,6 per cent (0.6 per cent) (0.1 per cent for commercial)

270    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Transactions:
Purchases: Purchase of SEK 94 million has been agreed in SPP in addtition to the figures that have been finalised and 
included in the finacial statements as of 31 December 2024.
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 2024
Properties for own use
NOK million
2024
2023
Book value 01.01
1,737
1,690
Additions
2
2
Revaluation booked in balance sheet
44
-60
Depreciation
-16
-15
Write-ups due to write-downs in the period
13
12
Exchange rate adjustments
35
111
Other change
5
-2
Book value 31.12
1,820
1,737
Acquisition cost opening balance
612
610
Acquisition cost closing balance
614
612
Accumulated depreciation and write-downs opening balance
-734
-719
Accumulated depreciation and write-downs closing balance
-750
-734
Allocation by company and customers:
Properties for own use - customers
1,820
1,737
Total
1,820
1,737
Depreciation method:
Straight line
Depreciation plan and financial lifetime
50 years

271    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 36: Accounts receivable and other short-term receivables
NOK million
2024
2023
Accounts receivables
314
503
Pre-paid expenses
369
292
Fee earned
551
532
Activated sales costs (Swedish business)
863
751
Claims on insurance brokers
41,157
42,279
Client funds
4
143
Collateral
5,714
3,921
Tax receivable
113
104
Other current receivables
746
209
Book value 31.12
49,831
48,733
Allocation by company and customers:
Accounts receivable and other short-term receivables - company
6,212
8,247
Accounts receivable and other short-term receivables - customers
43,619
40,485
Total
49,831
48,733
1)  Paid tax related to uncertain tax positions, see note 27 Tax
Age distribution for accounts receivable 31.12 (gross)
NOK million
2024
2023
Receivables not fallen due
282
491
Past due 1 - 90 days
31
10
Past due > 90 days
11
6
Gross accounts receivable
323
506
Provisions for losses
-9
-4
Net accounts receivable
314
503

272    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 con­
tracts drawn up in future periods.	
Insurance contracts issued
NOK Million
31.12.2024
Guaranteed pension
Total
Guaranteed 
products - Norway
Guaranteed 
products - Sweden
Pension related 
disability insurance - 
Norway
1 year
801 
314 
124 
1,238 
2 years
718 
291 
88 
1,098 
3 years
665 
270 
73 
1,008 
4 years
618 
250 
61 
928 
5 years
574 
230 
51 
855 
 6-10 years
2,302 
871 
161 
3,334 
 >10 yars
3,864 
1,055 
127 
5,046 
Total
9,542 
3,281 
684 
13,508 
Composition of the balance sheet
NOK Million
Guaranteed pension
Insurance
Total
SBL 
Guar­
anteed 
products
SPP 
Guar­
anteed 
products
SBL 
Pension 
related 
disability 
insur­
ance
Total 
Guar­
anteed 
pension
P&C and 
Individu­
al Life
Group 
Life and 
Disability 
Insur­
ance
Total 
Insur­
ance
31.12.2024
Insurance contract liabilities
220,526 
86,479 
10,046 
317,052 
3,910 
4,649 
8,559 
325,611 
Reinsurance contract assets
2 
108 
111 
198 
7 
205 
316 
Reinsurance contract liabilities
4 
4 
7 
7 
11 
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 
6 
165 
297 

273    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Guaranteed pension
Reconciliation of the liability for remaining coverage (LRC) and the liability for incurred claims (LIC)
NOK Million
31.12.2024
LRC
LIC
Total
Excluding loss 
component
Loss 
component
Opening insurance contract liabilities
308,557 
1,682 
310,239 
Net opening balance
308,557 
1,682 
310,239 
Insurance revenue
-3,757
-3,757
Insurance service expenses
Incurred claims and other directly attributable expenses
-178
1,600 
1,422 
Losses on onerous contracts and reversal of those losses
40 
40 
Insurance acquisition cash flows amortisation
18 
18 
Insurance service expenses
18 
-138
1,600 
1,480 
Insurance service result
-3,740
-138
1,600 
-2,277
Finance expenses from insurance contracts issued recognised 
in profit or loss
14,187 
47 
14,234 
Finance expenses from insurance contracts issued
14,187 
47 
14,234 
Total amounts recognised in comprehensive income
10,448 
-91
1,600 
11,957 
Investment components
-17,016
-46
17,062 
Other changes
-64
-64
Effect of changes in foreign exchange rates
1,710 
1 
1,711 
Cash flows
Premiums recieved
9,953 
9,953 
Claims and other directly attributable expenses paid
1,991 
-18,662
-16,672
Insurance acquisition cash flows
-73
-73
Total cash flows
11,870 
-18,662
-6,792
Net closing balance
315,505 
1,547 
317,052 
Closing insurance contract liabilities
315,505 
1,547 
317,052 
Net closing balance
315,505 
1,547 
317,052 

274    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK Million
31.12.2023
LRC
LIC
Total
Excluding loss 
component
Loss 
component
Opening insurance contract liabilities
295,235 
937 
296,171 
Net opening balance
295,235 
937 
296,171 
Insurance revenue
-3,687
-3,687
Insurance service expenses
Incurred claims and other directly attributable expenses
-24
1,497 
1,472 
Losses on onerous contracts and reversal of those losses
772 
772 
Insurance acquisition cash flows amortisation
12 
12 
Insurance service expenses
12 
747 
1,497 
2,256 
Insurance service result
-3,675
747 
1,497 
-1,431
Finance expenses from insurance contracts issued recognised 
in profit or loss
15,129 
31 
15,160 
Finance expenses from insurance contracts issued
15,129 
31 
15,160 
Total amounts recognised in comprehensive income
11,454 
778 
1,497 
13,729 
Investment components
-16,054
-33
16,087 
Other changes
45 
45 
Effect of changes in foreign exchange rates
5,239 
1 
5,240 
Cash flows
Premiums recieved
9,607 
9,607 
Claims and other directly attributable expenses paid
3,081 
-17,584
-14,503
Insurance acquisition cash flows
-51
-51
Total cash flows
12,637 
-17,584
-4,947
Net closing balance
308,556 
1,682 
0 
310,239 
Closing insurance contract liabilities
308,557 
1,682 
0 
310,239 
Net closing balance
308,557 
1,682 
0 
310,239 

275    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Reconciliation of the measurement component of insurance contract balances
NOK Million
31.12.2024
Present value 
of future cash 
flows
Risk adjustment 
for non-finan­
cial risk
CSM
Total
Opening insurance contract liabilities
295,453 
3,984 
10,801 
310,239 
Net opening balance
295,453 
3,984 
10,801 
310,239 
Changes that relate to current service
CSM recognised in profit or loss for the services provided
-1,999
-1,999
Change in the risk adjustment for non-financial risk for the risk 
expired
-339
-339
Experience adjustments
20 
20 
Total changes that relate to current service
20 
-339
-1,999
-2,317
Change that relate to future service
Changes in estimates that adjust the CSM
-4,470
274 
4,195 
Changes in estimates that results in onerous contract losses 
or reversal of losses
-387
2 
-385
Contracts initially recognised in the period
-90
95 
420 
425 
Total changes that relate to future service
-4,946
372 
4,615 
40 
Insurance service result
-4,926
32 
2,616 
-2,277
Finance expenses from insurance contracts issued recognised 
in profit or loss
14,209 
25 
14,234 
Finance expenses from insurance contracts issued
14,209 
25 
14,234 
Total amount recognised in comprehensive income
9,283 
32 
2,641 
11,957 
Other changes
-64
-64
Effect of changes in foreign exchange rates
1,626 
21 
65 
1,712 
Cash flows
Premiums received
9,953 
9,953 
Claims and other directly attributable expenses paid
-16,672
-16,672
Insurance acquisition cash flows
-73
-73
Total cash flows
-6,792
-6,792
Net closing balance
299,507 
4,038 
13,507 
317,052 
Closing insurance contract liabilities
299,507 
4,038 
13,507 
317,052 
Net closing balance
299,507 
4,038 
13,507 
317,052 

276    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK Million
31.12.2023
Present value 
of future cash 
flows
Risk adjustment 
for non-finan­
cial risk
CSM
Total
Opening insurance contract liabilities
283,085 
3,556 
9,530 
296,171 
Net opening balance
283,085 
3,556 
9,530 
296,171 
Changes that relate to current service
CSM recognised in profit or loss for the services provided
-1,898
-1,898
Change in the risk adjustment for non-financial risk for the risk 
expired
-338
-338
Experience adjustments
33 
33 
Total changes that relate to current service
33 
-338
-1,898
-2,202
Change that relate to future service
Changes in estimates that adjust the CSM
-2,531
381 
2,151 
Changes in estimates that results in onerous contract losses 
or reversal of losses
371 
185 
555 
Contracts initially recognised in the period
-719
135 
800 
217 
Total changes that relate to future service
-2,880
700 
2,951 
772 
Insurance service result
-2,847
363 
1,054 
-1,430
Finance expenses from insurance contracts issued recognised 
in profit or loss
15,127 
33 
15,160 
Finance expenses from insurance contracts issued
15,127 
33 
15,160 
Total amount recognised in comprehensive income
12,281 
363 
1,086 
13,730 
Other changes
45 
45 
Effect of changes in foreign exchange rates
4,989 
65 
185 
5,239 
Cash flows
Premiums received
9,607 
9,607 
Claims and other directly attributable expenses paid
-14,503
-14,503
Insurance acquisition cash flows
-51
-51
Total cash flows
-4,947
-4,947
Net closing balance
295,453 
3,984 
10,801 
310,239 
Closing insurance contract liabilities
295,453 
3,984 
10,801 
310,239 
Net closing balance
295,453 
3,984 
10,801 
310,239 
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
20,329 
16,865 
16,341 
15,603 
15,385 
66,275 
148,710 
299,507 
Reinsurance contract liabilities
11 
11 
Total
20,340 
16,865 
16,341 
15,603 
15,385 
66,275 
148,710 
299,518 

277    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Impact of contracts recognised in the year
NOK Million
31.12.2024
Contracts originated
Contracts aquired
Total
Total
Non-
onerous 
contracts 
originated
Onerous 
contracts 
originated
Non-
onerous 
contracts 
aquired
Onerous 
contracts 
aquired
Non-
onerous 
contracts 
total
Onerous 
contracts 
total
Estimates of the present value of 
future cash outflows
Insurance acquisition cash flows
21 
52 
21 
52 
73 
Claims and other directly attributable 
expenses
2,032 
4,794 
285 
2,317 
4,794 
7,111 
Estimates of the present value of cash 
flows
2,053 
4,847 
285 
2,338 
4,847 
7,184 
Estimates of the present value of future 
cash inflows
-2,488
-4,486
-300
-2,788
-4,486
-7,274
Risk adjustment for non-financial risk
29 
64 
3 
31 
64 
95 
CSM
408 
12 
420 
0 
420 
Increase in insurance contract liabili­
ties from contracts recognised in the 
period
1 
425 
1 
425 
426 
Underlying items
Assets
31.12.2024
31.12.2023
NOK Million
Garanteed 
products - 
Norway
Garanteed 
products - 
Sweden
Garanteed 
products - 
Norway
Garanteed 
products - 
Sweden
Shares and fund units
 43,069 
 11,742 
 35,728 
 10,175 
Bonds and other fixed-income securities
 135,941 
 52,146 
 132,083 
 51,166 
Loans to customers
 15,298 
 4,557 
 14,825 
 6,305 
Derivatives
 -2,112 
 -1,901 
 738 
 -1,564 
Investment properties 
 21,297 
 15,252 
 22,226 
 14,240 
Cash and other underlying items
 17,079 
 4,682 
 18,134 
 6,181 
Total underlying items
 230,573 
 86,479 
 223,735 
 86,504 
Insurance contract liabilities
 230,573 
 86,479 
 223,735 
 86,504 

278    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Insurance
Reconciliation of the liability for remaining coverage and the liability for incurred claims
NOK Million
31.12.2024
LRC
LIC for contracts under the PAA
Total
Excluding loss 
component
Loss 
component
Present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk
Opening insurance contract liabilities
373 
10 
7,411 
192 
7,986 
Net opening balance
373 
10 
7,411 
192 
7,986 
Insurance revenue
-6,525
-6,525
Insurance service expenses
Incurred claims and other directly 
attributable expenses
6,350 
6,350 
Adjustment to liabilities for incurred 
claims
62 
32 
94 
Insurance service expenses
6,413 
32 
6,444 
Insurance service result
-6,525
6,413 
32 
-80
Finance expenses from insurance 
contracts issued recognised in profit 
or loss
-138
-138
Finance expenses from insurance 
contracts issued
-138
-138
Total amounts recognised in com­
prehensive income
-6,525
6,275 
32 
-218
Effect of changes in foreign exchange 
rates
21 
1 
22 
Cash flows
Premiums recieved
6,571 
6,571 
Claims and other directly attributable 
expenses paid
-5,802
-5,802
Total cash flows
6,571 
-5,802
769 
Net closing balance
420 
9 
7,904 
226 
8,559 
Closing insurance contract liabilities
420 
9 
7,904 
226 
8,559 
Net closing balance
420 
9 
7,904 
226 
8,559 

279    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK Million
31.12.2023
LRC
LIC for contracts under the PAA
Total
Excluding loss 
component
Loss 
component
Present value 
of future cash 
flows
Risk 
adjustment 
for non-
financial risk
Opening insurance contract liabilities
341 
10 
6,583 
171 
7,106 
Net opening balance
341 
10 
6,583 
171 
7,106 
Insurance revenue
-5,461
-5,461
Insurance service expenses
Incurred claims and other directly 
attributable expenses
5,249 
5,249 
Adjustment to liabilities for incurred 
claims
25 
148 
18 
191 
Insurance service expenses
25 
5,397 
18 
5,440 
Insurance service result
-5,435
5,397 
18 
-21
Finance expenses from insurance 
contracts issued recognised in profit 
or loss
114 
114 
Finance expenses from insurance 
contracts issued
114 
114 
Total amounts recognised in com­
prehensive income
-5,435
5,511 
18 
93 
Effect of changes in foreign exchange 
rates
65 
4 
69 
Cash flows
Premiums recieved
5,468 
5,468 
Claims and other directly attributable 
expenses paid
-4,750
-4,750
Total cash flows
5,468 
-4,750
718 
Net closing balance
374 
10 
7,410 
193 
7,986 
Closing insurance contract liabilities
373 
10 
7,411 
192 
7,986 
Net closing balance
373 
10 
7,411 
192 
7,986 

280    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Development in insurance expenses
NOK million
2019
2020
2021
2022
2023
2024
Sum
Calculated gross cost of claims
At end of the policy year
825 
998 
2,229 
3,055 
4,113 
4,501 
- one year later
814 
1,893 
2,344 
3,357 
4,316 
- two years later
1,615 
1,938 
2,482 
3,443 
- three years later
1,591 
1,997 
2,579 
- four years later
1,644 
2,045 
- five years later
1,495 
Calculated amount 31.12.24
Total paid to present
371 
512 
850 
991 
1,549 
1,429 
5,703 
Claims reserve
491 
595 
707 
899 
1,289 
2,345 
6,326 
Claims reserve for previous years (before 2019)
2,172 
Discounting
-789
Risk adjustment
226 
Total claims reserve
7,935 
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
2024
2023
Insurance liabilities 01.01
354,270 
292,931 
Premium paid
45,233 
42,174 
Deducted fees
-781
-837
Investment return
57,456 
38,393 
Claims paid
-29,854
-27,215
Other
-642
-402
Exchange rate adjustments
3,788 
9,227 
Total insurance liabilities life insurance 31.12
429,471 
354,270 
Income from investment contracts
NOK million
2024
2023
Risk premium, risk addition and administation fees
903 
927 
Transfer and invoice fees
12 
5 
Kickback
1,347 
1,072 
Compensation to customer
-5
Other income and expenses
5 
8 
Total
2,265 
2,008 

281    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 39: Other current liabilities
NOK million
2024
2023
Accounts payable
343
306
Accrued expenses
1,100
995
Appropriations restructuring
25
33
Appropriations earnout
197
26
Other appropriations
338
259
Governmental fees and tax withholding
481
439
Collateral received derivates in cash
138
3,727
Liabilities to broker
41,285
40,306
Liabilities tax/tax appropriations
175
237
Minority SPP Fastighet KB
2,869
2,717
Ongoing payments
217
216
Customer liabilites
1,231
986
Other current liabilities
932
768
Book value 31.12
49,331
51,015
Note 40 Hedge accounting
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.
All hedging relationships are established with identical fixed-rate profiles; fixed rate, principal, coupon maturity and 
principal maturity, both in the object and the instrument. The instrument swaps from fixed rate to floating rate quoted 
at Nibor 3 months. The hedging ratio is expected to be effective by counteracting the effect of changes in fair value as a 
result of changes in interest rates. Net recognised changes in the value of real value hedges are due to changes in value as 
a result of changes in market interest rates, i.e. hedged risk. 
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".

282    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Hedging instrument/hedged item 
NOK million
2023
Booked
Recognised 
of compre­
hensive 
income
Interest rate swaps
-29
Subordinated loans
28
3
1) Book values as at 31.12.
The loan has been repaid in April , and the hedging was therefore terminated
Hedging instrument/hedged item 
NOK million
2024
2023
Contract/
nominal 
value 
(Euro)
Book value  1)
Booked
Conract/
nominal 
value 
(Euro)
Book value  1)
Booked
Assets
Liabilities
Assets 
Liabilities
Interest rate swaps
300
1
300
229
Subordinated loans
-300
3,022
-42
-300
2,782
-29
1) Balanseførte verdier per 31.12.
Hedging instrument/hedged item 
NOK million
2024
2023
Contract/
nominal 
value 
(NOK)
Book value  1)
Booked
Conract/
nominal 
value 
(NOK)
Book value  1)
Booked
Assets
Liabilities
Assets 
Liabilities
Interest rate swaps
750
-10
750
6
Subordinated loans
-750
748
-4
-750
763
-3
1) Book values as at 31.12.
Hedging instrument/hedged item  
NOK million
2024
2023
Contract/
nominal 
value 
(NOK)
Book value  1)
Booked
Conract/
nominal 
value 
(NOK)
Book value  1)
Assets
Liabilities
Assets 
Liabilities
Interest rate swaps
300
13
300
13
Subordinated loans
-300
313
3
-300
316
1) Book values as at 31.12.

283    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Hedging instrument/hedged item  
NOK million
2024
2023
Contract/
nominal 
value 
(NOK)
Book value  1)
Conract/
nominal 
value 
(NOK)
Book value  1)
Booked
Assets
Liabilities
Assets 
Liabilities
Interest rate swaps
730
48
730
48
-3
Debt raised through issuance 
of securities
730
682
730
682
2
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 31.12.24, 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 259 million has been recorded in the total result related to 
hedging Storebrand Holding AB, compared with an income of NOK 739 million in 2023.
Hedging instrument/hedged item
NOK million
2024
2023
Contract/
nominal
 value (SEK)
Book value 1)
Conract/
nominal 
value (SEK)
Book value 1)
Assets
Liabilities
Assets
Liabilities
Currency derivatives
-9,681
16
-9,681
175
Loan used as hedging instrument
-3,162
3,254
-3,200
3,734
Underlying items
11,325
10,961
1) Book values at 31.12.
The phasing out of LIBOR on various currencies as reference rates has received a minor attention throughout 2024. The 
transition to new "overnight rates" has been demanding for many market participants, but the transition has gone bet­
ter 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.
Note 41: Collateral
NOK million
2024
2023
Collateral provided in cash in connection with derivatives trading
11,166
7,887
Cash collateral received in connection with derivatives trading.
-57
-3,963
Collateral received in connection with Derivatives trading
69
-841
Total received and pledged collateral
11,178
3,083

284    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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
2024
2023
Book value of bonds pledged as collateral for the bank's lending from Norges Bank
4,438
1,429
Booked value of securities pledged as collateral in other financial institutions
101
152
Total
4,539
1,581
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 210 million in Norges Bank as per 31.12.2024.
Of the total lending of NOK 68.4 billion in the Bank Group, NOK 46.2 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 23,5 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 2024. The statutory OC is 5 per cent. Storebrand Boligkreditt AS has security that is NOK 2,0 billion 
more than what the present rating requires. Storebrand Bank ASA therefore considers the security to be adequate.
Note 42: Contingent liabilities
NOK million
2024
2023
Unused credit limit lending
6,627
4,883
Loan commitment retail market
2,712
2,607
Uncalled residual liabilities re limited partnership
3,544
3,990
Undrawn capital in alternative investment funds
16,235
14,949
Total contingent liabilities
29,118
26,429
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.
Storebrand Livsforsikring received a letter from the Norwegian FSA (Finanstilsynet) in 2023 regarding the fee structure 
on paid up policies for the year 2023. Storebrand is of the opinion that the fee is legitimate and hence that the company 
is entitled to it and has appealed the decision. Storebrand is awaiting further proceedings in the Ministry of Finance. The­
re is uncertainty regarding the potential financial impact.
Note 43: Securities lending and buy-back agreements
NOK million
2024
2023
Lending of shares
1,497 
1,865 
Mottatte sikkerhetsstillelser for utlånte verdipapirer
-1,635
-2,050
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 15%.

285    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Covered bonds  - Storebrand Bank Group
NOK million
2024
2023
Bonds received as collateral
3,152
1,009
Asset related to repo agreements
3,104
1,009
Bonds received as collateral are not recognised as all risk and return on the securities are retained by the counterparty.     
Reverse repo:
Covered bonds  - Storebrand Bank Group
NOK million
2024
Transferred bonds not recognized in the balance sheet
2,743 
Asset related to repo loans
2,703 
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 transaction was completed 2nd of April 2024 with a positive impact of NOK 1.047 million on Storebrand's Group 
results.

286    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Note
2024
2023
Operating income
Income from investments in subsidiaries
2
4,981
4,465
Net income and gains from financial instruments:
   - equities and other units
3
-2
-9
   - bonds and other fixed-income securities
3
195
186
Other financial income
8
1,111
7
Operating income
6,285
4,649
 
Interest expenses
-46
-26
Other financial expenses
-122
-111
Operating expenses
Personnel expenses
4,5,6
-56
-52
Other operating expenses
-211
-191
Total operating expenses
-267
-243
 
Total expenses
-434
-381
Pre-tax profit
5,850
4,268
Tax 
7
-152
-184
Profit for the year
5,699
4,083
NOK million
Note
2024
2023
 
Profit for year
5,699
4,083
Other result elements not to be classified to profit/loss
Change in estimate deviation pension
-10
-2
Tax on other result elements
3
1
Total other result elements
-8
-2
Total comprehensive income
5,691
4,082
Storebrand ASA
Income statement
Statement of total comprehensive income

287    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Note
31.12.24
31.12.23
Fixed assets
Deferred tax assets
7
39
24
Tangible fixed assets
29
29
Shares in subsidiaries and associated companies
8
27,853
26,425
Total fixed assets
27,922
26,477
Current assets
Owed within group
14
4,982
4,467
Other current receivables
28
14
Investments in trading portfolio:
   - equities and other units
9
28
31
   - bonds and other fixed-income securities
9,10,11
3,176
2,336
Bank deposits
11
45
46
Total current assets
8,258
6,894
Total assets
36,180
33,371
Equity and liabilities
Share capital
2,240
2,327
Own shares
-70
-91
Share premium reserve
10,842
10,842
Total paid in equity
13,012
13,078
Other equity
19,116
16,817
Total equity
32,127
29,896
Storebrand ASA
Statement of financial position

288    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Note
31.12.24
31.12.23
Non-current liabilities
Pension liabilities
5
112
111
Securities issued
11,12
1,002
501
Total non-current liabilities
1,114
612
Current liabilities
Debt within group
14
833
990
Provision for dividend
2,040
1,834
Other current liabilities
66
39
Total current liabilities
2,939
2,864
Total equity and liabilities
36,180
33,371
Storebrand ASA
Statement of financial position (continues)
Lysaker, 11 February 2025
Board of Directors of Storebrand ASA
Jarle Roth (sign)
Chairman of the Board
Benjamin K. Golding (sign)
Jaan Ivar Semlitsch (sign)
Christel Elise Borge (sign)
Hanne Seim Grave (sign)
Martin Skancke (sign)
Stine Beate Moe (sign)
Marianne Bergmann Røren
Viveka Ekberg (sign)
Aleksander Nyland (sign)
Odd Arild Grefstad (sign)
Chief Executive Officer

289    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
Share 
capital 1)
Own 
shares
Share 
premium
Other 
equity
Total
equity
Equity at 31. December 2022
2,360
-39
10,842
15,932
29,095
Profit for the period
4,083
4,083
Total other result elements
-2
-2
Total comprehensive income
4,082
4,082
Provision for dividend
-1,832
-1,832
Own shares bought back 2) 
-88
-1,412
-1,500
Own shares sold 2)
3
43
46
Cancellation of own shares 1)
-32
32
Employee share 2)
5
5
Equity at 31. December 2023
2,327
-91
10,842
16,817
29,896
Profit for the period
5,699
5,699
Total other result elements
-8
-8
Total comprehensive income
5,691
5,691
Provision for dividend
-2,023
-2,023
Own shares bought back 2) 
-70
-1,430
-1,500
Own shares sold 2)
3
51
54
Cancellation of own shares 1)
-88
88
Employee share 2)
10
10
Equity at 31. December 2024
2,240
-70
10,842
19,116
32,127
1) 447 972 681 shares with a nominal value of NOK 5. Share capital reduced in May by NOK 88 million by cancellation of 17 525 185 shares.
2)  In 2024, Storebrand ASA has bought 13.963.803 shares. In 2024, 627.954 shares were sold to our own employees. Holding of own shares 31. December 2024 was 13.988.270.
Storebrand ASA
Statement of changes in equity

290    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
NOK million
1.1 - 31.12
2024
2023
Cash flow from operational activities
Net receipts/payments - securities at fair value
-645
2,479
Payments relating to operations
-263
-257
Net receipts/payments - other operational activities
4,464
3,181
Net cash flow from operational activities 
3,556
5,402
Cash flow from investment activities
Receipts - sale of subsidiaries
1,313
Payments - purchase/capitalisation of subsidiaries
-2,070
-2,598
Net receipts/payments - sale/purchase of property and fixed assets
-1
-1
Net cash flow from investment activities
-758
-2,599
Cash flow from financing activities
Receipts - new loans
499
Payments - interest on loans
-46
-26
Receipts - sold own shares to employees
65
52
Payments - buy own shares
-1,500
-1,500
Payments - dividends
-1,817
-1,715
Net cash flow from financing activities
-2,799
-3,190
Net cash flow for the period
-2
-386
Net movement in cash and cash equivalents
-2
-386
Cash and cash equivalents at start of the period
46
433
Cash and cash equivalents at the end of the period 
45
46
Storebrand ASA
Statement of cash flow 

291    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 of the CEO and elected officers of the company
	
Note 7:  	
Tax
	
Note 8:  	
Parent company’s shares in subsidiaries and associated companies
	
Note 9: 	
Valuation of financial instruments 
	
Note 10:  	
Bonds and other fixed-income securities
	
Note 11: 	
Financial risks
	
Note 12:  	
Securities issued
	
Note 13:  	
Shareholders
	
Note 14:  	
Information about close associates
	
Note 15: 	
Number of employees/person-years
Notes to the financial 
statement
Storebrand ASA

292    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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.

293    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Financial 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
2024 
2023 
 Storebrand Livsforsikring AS
4,150
3,439
 Storebrand Bank ASA 
200
395
 Storebrand Asset Management AS 
625
627
 Storebrand Facilities AS
6
4
Total
4,981
4,465
Group contribution from Storebrand ASA, see note 8
Note 3: Net income for various classes of financial instruments
NOK million
Dividend/
interest 
income
Net gain/
loss on 
realisation 
Net 
unrealised 
gain/loss 
2024
2023
Net income from equities and units
-2
-2
-9
Net income from bonds and other fixed income securi­
ties
188
68
-61
195
186
Net income and gains from financial assets at fair 
value 
188
68
-64
192
177
 – of which FVO (Fair Value Option)
188
68
-64
192
177

294    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 4:  Personnel costs
NOK million
2024 
2023 
Ordinary wages and salaries
-28
-27
Employer's social security contributions
-9
-8
 Personnel costs 1)
-10
-10
Other benefits
-9
-8
Total
-56
-52
1) See the spesification in note 5
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.
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 124,028 as at 
31 December 2024)
	– 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 
2.7 % in 2024 and is unchanged in 2025. 
Reconsiliation of pension assets and liabilities in the statement of financial position
NOK million
2024 
2023 
Present value of insured pension benefit liabilities
2
1
Pension assets at fair value
-8
-7
Net pension liabilities/assets for the insured schemes
-6
-6
Present value of the uninsured pension liabilities
118
117
Net pension liabilities in the statement of financial position
112
111

295    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Net pension cost booked to profit and loss accounts in the period
NOK million
2024 
2023 
Total for defined benefit schemes
4
4
The period's payment to contribution scheme
6
6
Net pension cost 
10
10
Note 6:  Remuneration of the CEO and elected officers of the company
NOK thousand
2024 
2023 
Chief Executive Officer 1)
Salery
9,805 
8,715 
Other taxable benefits
175 
158 
Total remuneration
9,980 
8,872 
Pension costs 3)
1,885 
1,692 
Chairman of the Board
1,083 
924 
Board of Directors including the Chairman
6,738 
5,884 
Remuneration paid to auditors 4)
Statutory audit 
2,580 
3,146 
Other reporting duties
628 
237 
Other non-audit services
31 
25 
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 18 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.
NOK million
2024 
2023 
Pre-tax profit
5,850
4,268
Dividend
-100
-200
Gain/loss equities
-1,100
Tax-free group contribution
-4,160
-3,444
Permanent differences
106
4
Change in temporary differences
62
-50
Tax base for the year
658
577

296    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Tax cost
NOK million
2024 
2023 
Payable tax group contribution 1)
-165
-171
Change in deferred tax
13
-14
Tax cost
-152
-184
1) Payable tax in Statement of financial position
0
0
Calculation of deferred tax assets and deferred tax on temporary differences and losses carried
 forward
NOK million
2024 
2023 
Tax increasing temporary differences
Tax reducing temporary differences
Securities
-44
18
Accrued pension liabilities
-112
-111
Gains/losses account
-1
-1
Total tax reducing temporary differences
-157
-94
Net tax increasing/(reducing) temporary differences
-157
-94
Net deferred tax asset/liability in the statement of financial position
39
24
Reconciliation of tax cost and ordinary profit
NOK million
2024 
2023 
Pre-tax profit
5,850
4,268
Expected tax at nominal rate
-1,463
-1,067
Tax effect of:
   dividends received
25
50
   gains on equities
275
   permanent differences
1,011
833
  changes from previous year
-1
Tax cost
-151.9
-184.2
Effective tax rate 1)
3 %
4 %

297    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 8:  Parent company’s shares in subsidiaries and associated companies
NOK million
Business
office
Interest/
votes in %
Carrying amount
2024
2023
Subsidiaries
 Storebrand Livsforsikring AS 1)
Oslo
100 %
16,826
16,411
 Storebrand Bank ASA 2)
Oslo
100 %
5,252
4,427
 Storebrand Asset Management AS 
Oslo
100 %
4,169
3,469
 Storebrand Forsikring AS 3)
Oslo
100 %
1,543
1,373
 Storebrand Facilities AS
Oslo
100 %
63
63
 Kron AS 4)
Oslo
100 %
466
Jointly controlled/associated companies
 Storebrand Helseforsikring AS 5)
Oslo
50 %
215
Sum
27,853
26,425
1) Group contribution in 2024 of NOK 415 million as capital contribution.
2) Group contribution in 2024 of NOK 153 million as capital contribution.
3) Group contribution in 2023 of NOK 90 million as capital contribution.
4) The shares were transferred to Storebrand Bank AS as a contribution in kind in 2024.
5) The shares were sold to ERGO International in 2024. The gain in the company’s accounts was NOK 1,098 million.
Note 9: Valuation of financial instruments 
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.  
 
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 equiva­
lent to approximately NOK 20 million or more.
 
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 directly 
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 normal­
ly have been traded during the last quarter. Bonds and equivalent instruments are generally classified in this level. 
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. 

298    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Valuation of financial instruments to amortised cost
NOK million
Level 2
Total fair value 
31.12.24
Book value 
31.12.24
Total fair value 
31.12.23
Book value 
31.12.23
Observable 
assumptions
Financial liabilities
Debt raised by issuance of securities
1,005
1,005
1,002
504
501
Total financial liabilities 31.12.24
1,005
1,005
1,002
Total financial liabilities 31.12.23
504
504
501
Valuation of financial instruments 
NOK million
Level 2
Level 3
Total fair value 
2024
Total fair value 
2023
Observable 
assumptions
Non-observable 
assumptions
Assets:
 - Equities
28
28
31
 - Fund units
3,176
3,176
2,336
Total equities and fund units 31.12.24
3,176
28
3,204
Total equities and fund units 31.12.23
2,336
31
2,367
Note 10:  Bonds and other fixed-income securities
NOK million
2024 
2023 
Fair value
Fair value
Bond funds
3,176 
2,336 
Total bonds and other fixed-income securities
3,176 
2,336 
Modified duration
0.2
0.3
Average effective yield
4.81 %
5.36 %
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. 

299    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 11: Financial risks
CREDIT RISK BY COUNTERPARTY
Bonds and other fixed-income securities at fair value
Category of issuer or guarantor
AAA
AA
A
BBB
Not rated
Total
Total
Fair value
Fair value
Fair value
Fair value
Fair value
Fair value
Fair value
NOK million
2024 
2023
State and state guaranteed
31
31
23
Company bonds
980
144
1,627
325
3,076
2,310
Supranational organisations
59
59
Other
10
10
3
Total 2024
1,039
175
1,627
325
10
3,176
2,336
Total 2023
853
1,043
205
231
3
2,336
Underlying investments in funds are included in the tables.
Counterparties
AA
A
Total
NOK million
Fair value
Fair value
Fair value
Bank deposits
1
44
45
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
0-6 months
7-12 
months
2-3 years
4-5 years
Total value
Carrying 
amount
NOK million
Securities issued/bank loans
28
522
57
543
1,150
1,002
Total financial liabilities 2024
28
522
57
543
1,150
1,002
Total financial liabilities 2023
3
4
505
512
501
Storebrand ASA had as per 31 December 2024 liquid assets of NOK 3,2 billion.
Currency risk
Storebrand ASA has investments of SEK 22 million.

300    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 12:  Securities issued
NOK million
Interest rate
Currency
Net nominal 
value
2024
2023 
Bond loan 2020/2025
Variable
NOK
500 
502 
501 
Bond loan 2024/2029
500 
Total bond and bank loans 1)
1,002 
501 
1) Loans are booked at amortised cost and include earned not due interest.
Signed loan agreements and drawing facility have covenant standard requirements. 
Storebrand ASA has an unused drawing facility of EUR 200 million, expiration december 2029 with two one-year exten­
sion options.
Note 13:  Shareholders
The 20 largest shareholders 
Ownership interest in %
Folketrygdfondet
10.7
T. Rowe Price
6.2
Vanguard
3.7
DNB Asset Management AS
3.6
Storebrand ASA
3.1
BlackRock
2.6
Alfred Berg Kapitalforvaltning
2.5
Storebrand Asset Management
2.3
Nordea Funds
2.0
KLP Kapitalforvaltning AS
1.9
OM Holding AS
1.5
Columbia Threadneedle
1.5
Solbakken AS
1.5
Danske Invest
1.4
Pareto Asset Management
1.4
M&G Investment Management
1.4
Handelsbanken Fonder
1.2
State Street Global Advisors
1.2
Wellington Management
1.1
Shareholder Value Management AG
1.1
Foreign ownership of total shares
52 %

301    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
Note 14:  Information about close associates
Number of
shares 1)
Senior employees
Odd Arild Grefstad
286,021
Lars Aa. Løddesøl
188,162
Jan Erik Saugestad
155,015
Trygve Håkedal
49,623
Tove Selnes
49,442
Vivi Måhede Gevelt
23,822
Jenny Rundbladh
16,908
Camilla Leikvoll
20,544
Styret
Jarle Roth
11,000
Martin Skancke
45,000
Christel Elise Borge
11,000
Marianne Bergmann Røren
10,000
Benjamin K. Golding
4,000
Jaan Ivar Semlitsch
10,000
Viveka Ekberg
77,071
Aleksander Nyland
1,020
Hanne Seim Grave
1,690
Stine Beate Moe
1,020
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
2024
2023
Profit and loss account items:
Group contributions and dividends from subsidiaries
4,981 
4,465 
Purchase and sale of services (net)
-199 
-171 
Statement of financial position items:
Due from group companies
4,982 
4,467 
Payable to group companies
833 
990 
Note 15: Number of employees/person-years
2024
2023
Number of employees
11
9
Number of full time equivalent positions
11
9
Average number of employees
10
9

302    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
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 2024 financial year and as at 31 
December 2024 (2024 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 2024. 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 2024. 
In the best judgment of the Board and the CEO, the annual financial statements for 2024 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 2024. 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. 
Storebrand ASA and the Storebrand Group
– Declaration by the members of the 
Board and the CEO
Lysaker, 11 February 2025
Board of Directors of Storebrand ASA
Jarle Roth (sign)
Chairman of the Board
Benjamin K. Golding (sign)
Jaan Ivar Semlitsch (sign)
Christel Elise Borge (sign)
Hanne Seim Grave (sign)
Martin Skancke (sign)
Stine Beate Moe (sign)
Marianne Bergmann Røren
Viveka Ekberg (sign)
Aleksander Nyland (sign)
Odd Arild Grefstad (sign)
Chief Executive Officer

303    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
 
 
PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo 
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no 
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap 
 
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 2024, the income statement, statement of 
total comprehensive income, statement of changes in equity and statement of cash flow 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 2024, the income statement, 
statement of total comprehensive income, statement of changes in equity and statement of cash 
flow 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 2024, 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 2024, 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 Storebrand ASA for 7 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 
Independent auditor’s report

304    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
 
2 / 6 
 
 
separate opinion on these matters. The business has remained largely unchanged compared to last year. 
There have been no regulatory changes, transactions, or events of significant importance for the 2024 
financial statements that have led to new focus areas. IFRS 17 was implemented last year and is no longer 
mentioned as a key audit matter 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.  
 
  
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. 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.  
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 
 
  
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. 

305    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
 
3 / 6 
 
 
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. 
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. 
 
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. 
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 controls 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. 
 
  
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.  

306    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
 
4 / 6 
 
 
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. 
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. 
 
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 
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 Directors' report applies correspondingly to the statement on Corporate 
Governance.  
Our opinion on whether the Board of Directors’ report contains the information required by applicable 
statutory requirements, does not cover the Sustainability Statement, on which a separate assurance report 
is issued. 
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. 
 

307    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
 
5 / 6 
 
 
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 
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. 

308    
Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Storebrand Group
Income statement	
195
Statement of total comprehensive  
income	
196
Statement of Financial Position	
197
Statement of changes in equity	
199
Statement of cash flow	
200
Notes	
202
Storebrand ASA
Income statement	
286
Statement of total comprehensive  
income	
286
Statement of Financial Position	
287
Statement of changes in equity	
289
Statement of cash flow	
290
Notes	
291
Declaration by member of the  
Board and the CEO	
302
Independent auditor’s report	
303
 
6 / 6 
 
 
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- 2024-12-31-0-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. 
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, 11 February 2025 
PricewaterhouseCoopers AS 
  
Thomas Steffensen 
State Authorised Public Accountant 
Note: This translation from Norwegian has been prepared for information purposes only. 
 

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Contents
Facts and figures 2024	
3
Foreword	
5
Highlights in 2024	
7
About Storebrand	
9
Storebrand's history	
10
Director's Report
Annual Accounts and Notes
Important notice (Disclaimer)
This document may contain statements regarding future events. Such statements involve a number of risks and 
uncertainties as they relate to future events and circumstances that may be beyond the control of the Storebrand 
Group. As a result, the Storebrand Group’s future financial position, performance, and results may differ materially from 
the plans, goals, and expectations expressed in such forward-looking statements. Key factors that may cause such 
deviations for the Storebrand Group include but are not limited to: (i) macroeconomic developments,(ii) changes in the 
competitive environment,(iii) changes in regulatory conditions and other governmental regulations, and (iv) market-
related risks such as fluctuations in stock markets, interest rates, exchange rates, and developments in financial markets 
in general. The Storebrand Group assumes no obligation to update any forward-looking statements in this document 
or any forward-looking statements made in any other form. This document contains alternative performance measures 
(APMs) as defined by the European Securities and Markets Authority (ESMA). An overview of the APMs can be found at 
www.storebrand.no/ir.
Discrepancies may occur between the Norwegian and English versions of the annual report. In such cases, the 
information provided in the Norwegian version shall prevail, as it is the formally approved version by the board.