olivLaw · European equity research
Storebrand ASA STB.OL
Norway · Euronext Oslo Børs · ISIN NO0003053605 · Vertical: Listed companies from Norway
Storebrand is a Nordic savings and insurance group active in pensions, savings, insurance, banking and asset management, mainly in Norway and Sweden. The group aims to grow its assets under management and reach a higher return on equity by 2028, while returning capital to shareholders through buybacks, which makes it relevant for investors watching capital strategy. Its stated aim is capital distribution capacity backed by a solid solvency level at the end of 2025.
At the close of 06 Nov 2026, Storebrand ASA (STB.OL) stock was 200.00 NOK (−1.28% on the day), with market capitalisation 85.9 bn NOK, P/E 17.1 on diluted EPS of 11.69 NOK over the last 12 months, dividend yield 2.36%, beta 0.53, 52-week range 155.70–206.80 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- 183.67 – 201.81
- in the upper half of the band · %B 0.90 · band width 9.4%
- SMA 50 / 200
- 195.71 / 185.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.57 / 0.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.3% | −0.6% | +6.0 pp | — |
| 3 months | −2.9% | −4.2% | +1.3 pp | — |
| 6 months | +13.1% | +4.3% | +8.8 pp | — |
| Year to date | +15.8% | +7.5% | +8.3 pp | — |
| 1 year | +27.5% | +9.9% | +17.5 pp | −4.7% |
| 3 years | +117.0% | +49.8% | +67.2 pp | +12.7% |
| 5 years | +117.2% | +42.8% | +74.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 9.7, median 12.3, max 14.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 10.1 bn | 12.7 bn | 14.6 bn |
| Revenue YoY | unavailable | +26.4% | +14.7% |
| Net income | 3.4 bn | 5.5 bn | 5.0 bn |
| Net income YoY | unavailable | +64.0% | −8.7% |
| Diluted EPS | 7.31 | 12.48 | 11.69 |
| Diluted EPS YoY | unavailable | +70.7% | −6.3% |
| net % | 33.3% | 43.2% | 34.4% |
| Free cash flow | -1.4 bn | 649.0 m | 4.6 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.9 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 33.6 bn NOK
- Total assets
- 988.2 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.3%
- ROA
- 0.5%
- FCF margin
- 31.5%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 10.1 bn | 12.7 bn | 14.6 bn | esef· 21 Oct 2026verified |
| Operating income | 2.7 bn | 4.3 bn | 5.1 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 3.3 bn | 6.6 bn | 6.1 bn | esef· 21 Oct 2026verified |
| Income tax | -84.0 m | 1.1 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Net income | 3.4 bn | 5.5 bn | 5.0 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 7.31 | 12.48 | 11.69 | esef· 21 Oct 2026verified |
| Dividend per share | 3.74 | 4.13 | 4.72 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.1 bn | 12.0 bn | 18.9 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.3 bn | 2.7 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 6.1 bn | 6.7 bn | 6.3 bn | esef· 21 Oct 2026verified |
| Total assets | 896.9 bn | 905.4 bn | 988.2 bn | esef· 21 Oct 2026verified |
| Accounts payable | 51.0 bn | 12.2 bn | 10.6 bn | esef· 21 Oct 2026verified |
| Total liabilities | 867.4 bn | 873.3 bn | 954.6 bn | esef· 21 Oct 2026verified |
| Equity | 29.5 bn | 32.1 bn | 33.6 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 458.3 m | 440.2 m | 429.3 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.3 bn | 2.3 bn | 4.7 bn | esef· 21 Oct 2026verified |
| Capex | 127.0 m | 1.7 bn | 122.0 m | esef· 21 Oct 2026verified |
| Free cash flow | -1.4 bn ≈ | 649.0 m ≈ | 4.6 bn ≈ | esef· 21 Oct 2026derived |
| Financing cash flow | 2.6 bn | -4.8 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Dividends paid | 1.7 bn | 1.8 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Share repurchases | 1.5 bn | 1.5 bn | 1.5 bn | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 85.9 bn NOK
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 34.4% | 97 (vs peers) | 15% |
| FCF conversion · Quality | 91.5% | 88 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 17.1x | 55 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.3% | 67 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 4.1% | 59 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | 44.2% | 100 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality93/100 · 2/3 factors with a value
- Returns75/100 · 2/2 factors with a value
- Valuation60/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STOREBRAND ASA (STB.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 14.6 bn NOK in 2025; YoY growth 14.7%; net margin 34.4%; ROE 15.3%.
The estimated value range is 76.70–213.28 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 141.10 NOK, the price of 200.00 NOK leaves a potential of -29.5% (value / price − 1) and a margin of safety of -41.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 34.4%
- FCF conversion: 91.5%
- Payout ratio (FCF): 44.2%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| STB.OLStorebrand Asa | 85.9 bn | 17.1 | 15.3% | 34.4% | +14.7% | +27% / +114% |
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for STB.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 130.38 Total return -33% · Per year -33% | 229.48 Total return 17% · Per year 17% | 344.25 Total return 75% · Per year 75% |
| 3 years | 153.92 Total return -16% · Per year -6% | 302.11 Total return 60% · Per year 17% | 493.57 Total return 159% · Per year 37% |
| 5 years | 181.72 Total return 3% · Per year 1% | 397.74 Total return 117% · Per year 17% | 707.67 Total return 278% · Per year 30% |
- Exit P/E± 75.53
- Net margin± 52.87
- Annual revenue growth± 39.52
- Annual dilution± 4.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Storebrand is a Nordic savings and insurance group active in pensions, savings, insurance, banking and asset management, mainly in Norway and Sweden. The group aims to grow its assets under management and reach a higher return on equity by 2028, while returning capital to shareholders through buybacks, which makes it relevant for investors watching capital strategy. Its stated aim is capital distribution capacity backed by a solid solvency level at the end of 2025.
SWOT
Strengths
- Strong brand and solid position in Nordic pensions and savings, with capital synergies between divisions.
- High solvency level at the end of 2025, giving flexibility for capital distribution.
- Multichannel distribution model combining external agents, partnerships, banking, advisers and digital channels.
Weaknesses
- Dependence on the Norwegian and Swedish markets limits geographic diversification of revenue.
- The combined ratio in insurance is still high and needs to improve to reach the stated target.
Opportunities
- Growth in external assets in alternative investments could support fee income.
- Expanding the Kron platform and digital banking could increase lending volume and distributed products.
- A strategic partnership with Knif, if realised, could extend insurance distribution.
Threats
- Regulatory changes under Solvency II could reduce the solvency margin and distribution capacity.
- Competition in pensions and banking could pressure margins and customer acquisition costs.
- Volatility in financial markets could affect the value of assets under management and fee income.
Risks
- Solvency II regulatory riskmedium
Regulatory changes expected from 2027 could reduce the solvency margin, and approval of the partial internal model is still pending with the supervisory authority.
- Insurance underwriting riskmedium
Technical results can be affected by claims experience, and the target to improve the combined ratio depends on execution.
- Partnership integration riskmedium
The intended merger with Knif Trygghet Forsikring and the associated strategic partnership are only at the letter-of-intent stage, and the outcome may differ from expectations.
- Capital strategy execution risklow
Buyback programmes and dividend growth depend on earnings, liquidity and capital, and delays in releasing capital could slow the pace of distributions.
Investment thesis
What would need to be true (bull case)
- If the asset growth target is achieved and the combined ratio improves, the group could reach the return on equity target set for 2028.
- The Kron digital platform and multichannel distribution could support growth in banking and savings product income.
What would break the thesis
- Solvency II changes from 2027 could reduce the solvency margin and limit the group's ability to distribute capital.
- Strong competition in pensions and banking could force margins lower, affecting the achievement of growth targets.
- If financial markets become volatile, the value of assets under management and fee income could decline.
What to watch
- Solvency margin trend against the 150 percent minimum and the 175 percent threshold for extra distributionsQ1 2027
- Combined ratio in insurance against the target of improvement to 90 percent or better2027
- Progress of the share buyback programme planned at 2.0 billion kroner for 20262026
- Status of the letter of intent on a merger with Knif Trygghet Forsikring and the strategic partnershipnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
On capital, Storebrand targets a solvency margin of at least 150 percent and reported 194 percent at the end of 2025 1. The group intends to return more than 12 billion kroner through buyback programmes by the end of 2030 and had already completed buybacks totalling 5 billion kroner since 2022 through the end of 2025 1.
Segments
Savings
The Savings segment covers savings and pension products without return guarantees, including defined contribution pensions in Norway and Sweden, asset management and savings and banking products for private individuals. It is the central segment for the strategy of growing assets under management 1.
Insurance
The Insurance segment includes one-year risk products in Norway and Sweden, such as non-life and personal risk insurance for the personal market and group insurance. The group targets double-digit annual premium growth and an improved combined ratio by 2028 1.
Market context
Storebrand operates in Nordic pension, savings and insurance markets, where demand for capital products is influenced by an ageing population and the shift toward individual retirement solutions. The group sees growth in alternative investments such as real estate, private equity and infrastructure, both for institutional and private clients 1.
The Nordic market environment is shaped by demographic change and digitalisation, which management views as favourable megatrends for digital platforms such as Kron. Results could, however, be affected by changes to the Solvency II regulation expected from 2027, which could slightly reduce the solvency margin 1.
Trends
- Growth in external asset managementtailwind
Growth in external funds from institutional and private investors, especially in alternative assets, supports the group's growth plan. If external capital inflows continue, this could support fee income.
- Digitalisation and individualisationtailwind
Megatrends such as digitalisation and individualisation of financial products are treated by management as opportunities for the Kron platform and digital distribution. Success in this direction depends on customer adoption.
- Solvency II changesheadwind
Changes to the Solvency II directive, expected from 2027, could slightly reduce the group's solvency margin, which could limit the pace of capital distribution to shareholders.
Competitive position
Storebrand competes with other Nordic pension, savings and insurance groups, as well as with banks and asset managers offering similar products to institutional clients and private individuals. Declared advantages include a strong brand, capital synergies and a combination of agent, bank and digital distribution channels.
In defined contribution pensions and insurance, competition plays out on price, service quality and the ability to attract distribution partnerships. The proposed partnership with Knif, which could lead to an insurance merger, could change the group's position in this segment.
- Nordea Bank
Nordic banking group active in savings and asset management, a direct competitor in banking and savings for private individuals.
- DNB Bank
Norwegian bank with savings and insurance divisions, competing with Storebrand in the local pension and savings market.
- Gjensidige Forsikring
Nordic non-life and personal insurer, competing in risk insurance in Norway and Sweden.
- Sampo
Finnish financial group active in insurance, competing in the Nordic risk and pension product market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Storebrand ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.