Storebrand earnings for the third quarter of 2026 showed a split between stronger operating performance and lower earnings per share. Results released on October 21 showed group profit before amortization and tax rising to NOK 1.52 billion from NOK 1.19 billion a year earlier, while adjusted EPS fell to NOK 2.54 from NOK 3.08.
Key Takeaways
- Operating profit rose 7% to NOK 1.16 billion, supported by growth in assets under management.
- A higher effective tax rate weighed on after-tax profit despite stronger operating results.
- Management reiterated its target of NOK 7 billion in group profit by 2028.
Table of Contents
- Storebrand earnings diverge before and after tax
- Insurance and asset management support operations
- Capital position holds as the 2028 target remains
- Conclusion
Storebrand earnings diverge before and after tax
The quarter’s central distinction was between profit generated before tax and the amount remaining afterward. Group profit before amortization and tax increased, but profit after tax declined as the effective tax rate rose to 32%.
Adjusted earnings per share fell by NOK 0.54 from the same quarter of 2025. The decline therefore should not be read as evidence that operating profit also weakened: that measure rose 7% year over year. The results show why the different profit measures need to be considered separately.
| Item | Details |
|---|---|
| Assets under management | NOK 1.633 trillion, compared with NOK 1.561 trillion a year earlier. |
| Insurance combined ratio | 87% in the third quarter of 2026. |
| Effective tax rate | 32% in the third quarter of 2026. |
| Solvency ratio | Stable at 200%. |
Insurance and asset management support operations
Insurance profit increased 28%, accompanied by an improved combined ratio of 87%. A lower combined ratio generally indicates better underwriting profitability, measuring claims and expenses relative to premiums.
Assets under management also increased from a year earlier, supporting operating profit growth. Storebrand’s Nordic financial services business spans pensions, savings, insurance and banking for individuals, businesses and public enterprises, alongside asset management. That mix places both customer savings and insurance performance at the center of its operations.
Capital position holds as the 2028 target remains
Storebrand’s solvency ratio remained stable at 200%. Management also reiterated its goal of reaching NOK 7 billion in group profit by 2028; that figure is a future target, not a result achieved in the latest quarter.
The unchanged capital ratio and retained profit goal provide separate benchmarks for assessing progress. Stronger operating earnings support the growth picture, while the quarter’s tax burden shows that gains before tax do not necessarily translate into higher per-share earnings.
Conclusion
Storebrand’s next results will provide a further measure of progress toward its reiterated 2028 profit target, particularly whether operating growth translates into stronger after-tax earnings.
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