Norway's Storebrand Q1 profit rises as insurance result jump

Storebrand ASA

29/04/2026 06:34

Corrects table to show Net Income was NOK 591 mln, not NOK 1.35 bln, which is cash equivalent earnings before amortisation and tax

Overview

Norway financial group reported Q1 group profit up 16% yr/yr, operating profit up 28%

Insurance result rose 42% yr/yr, driven by increased retail customers and market share

Company executed NOK 0.4 bln of planned NOK 2 bln share buyback for 2026

Outlook

Storebrand plans to execute NOK 2 bln in share buybacks in 2026, split in two tranches

Company expects regulatory changes from H2 2026 to enable higher customer returns and profit-sharing

Storebrand says efficiency programmes and cost discipline remain priorities for future quarters

Result Drivers

INSURANCE SEGMENT - Strong insurance result driven by more retail customers and higher market share, per CEO Odd Arild Grefstad

EFFICIENCY PROGRAMMES - Double-digit growth in operational result in unit linked and asset management attributed to efficiency programmes and cost discipline, per CEO

CURRENCY IMPACT - NOK appreciation negatively affected earnings and assets under management, especially in Swedish business and asset management

Company press release: ID:nWkrb1n224

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted EPS
NOK 2.10
Q1 Net Income
NOK 591 mln
Q1 Cash equivalent earnings before amortisation and tax
NOK 1.35 bln
Q1 Solvency Ratio
206%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the investment management & fund operators peer group is "hold."

Wall Street's median 12-month price target for Storebrand ASA is NOK195.50, about 16.6% above its April 28 closing price of NOK167.60

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)