Leading the Way in Sustainable Value Creation - Strong Growth in Core Business · Group profit[1] ofNOK 1,353m in the 2nd quarter ·NOK 1000 bn in assets under management exceeded, 18% growth y/y · 18% growth in Insurance portfolio premiums y/y · Solvency II ratio 172% "The Storebrand Group delivers a strong quarterly profit ofNOK 1,353 million , driven by underlying growth within Savings and Insurance, combined with disciplined cost control and increased profitability within the Insurance segment. The fee and administration income increases 13%, while annual portfolio premiums in insurance grew 18% compared to the same quarter last year. A milestone is passed. Assets under management now exceedsNOK 1000 billion . The growth affirms that our customers value Storebrand's strong position within sustainable investments, as well as our wide product offering with strong investment performance", says CEOOdd Arild Grefstad . Strong Growth in Core Business Reserves in Unit Linked grew by 26% compared to last year, driven by market returns and new sales. Lending volume in the bank grew by 15% compared to last year. Within Insurance, the annual portfolio premiums grew by 18% compared to last year. The premium growth is primarily attributed to retail P&C insurance, partly due to strong contribution from distribution partnerships and the acquisition of customer portfolios from Insr. Growth in P&C and individual life portfolio premiums amounted to 48% compared to last year.NOK 1000 Billion in Assets under Management Exceeded Compared to last year, the growth in total assets under management (AuM) wasNOK 157.3 billion (18%), now amounting toNOK 1,037 billion . So far in 2021, the growth isNOK 75 billion . The growth mainly stems from external institutional clients. Storebrand Asset Management has seen a transformation of its business model during recent years, now attributing 44% of AuM to external, non-captive assets. This is a clear shift from 24% in 2016 and has accelerated revenue growth. Institutional clients recently rated Storebrand Asset Management in the annual Prospera survey as number one on sustainable investments inNorway andSweden , for the third consecutive year.Solvency Ratio Development Storebrand's solvency ratio weakened 4 percentage points from last quarter to 172%. The decrease is due to falling long-term interest rates, decreased volatility adjustment and increased equity stress, somewhat offset by a strong group profit.Key Figures in the Quarter: (Q2-2020 in brackets) · Solvency ratio 172% (163%) · Earnings per share, adjusted for amortisationNOK 2.79 (NOK 1.23 ) · EquityNOK 35,823m (NOK 34,396m ) · Assets under managementNOK 1,037bn (NOK 880bn ) Activities related to the 2nd Quarter 202107:30 CEST : Release of stock exchange notification. Press release, quarterly report and analyst presentation will be available at www.storebrand.no/ir.10:00 CEST : Live analyst conference in English in a combined webcast and conference call. The presentation will be available on demand afterwards. Participants who would like to ask questions at the end of the presentation must dial-in to the conference call. We kindly ask media with separate interview requests to contactSVP Communications ,Margrethe Assev , in advance. Reporters will be contacted after the conference. Link to webcast (https://events.webcast.no/storebrand-asa/quarterly -reports/i50nkCYWJg5Ru4vUauVz) To join the call, please dial your preferred number five minutes before the presentation starts and quote "Storebrand Q2 2021" when prompted by the operator. Dial in number(s):Norway : +47 2 156 3318UK : +44 (0) 33 0551 0200Denmark : +45 3272 9273Finland : +358 9 2319 5437France : +33 (0) 1 7037 7166Germany : +49 (0) 30 3001 90612Sweden : +46 (0) 8 50520424USA : +1 212 999 6659 For further inquiries, please contact: Group Head of Strategy, Finance and M&A Kjetil Ramberg Krøkje: kjetil.r.krokje@storebrand.no or (+47) 934 12 155 Media requests:SVP Communications ,Margrethe Assev : margrethe.assev@storebrand.no or (+47) 951 55 056 Storebrand's ambition is to provide our customers with financial freedom and security by being the best provider of long-term savings and insurance. Storebrand will deliver sustainable solutions adapted to the customer's individual situation, so that each person receives a better pension in a more sustainable world. Storebrand has about 40.000 corporate customers and 2 million individual customers, and has its headquarter at Lysaker outside ofOslo, Norway . Storebrand managesNOK 1 037 bn and is one of the largest asset managers in the Nordics. Storebrand (STB) is listed onOslo Stock Exchange . Visit us at http://www.storebrand.no [1] Earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs used in financial reporting.
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