Storebrand Shares Surge on Strong Q2 Profit and New NOK 1 Billion Buyback

Shares of Storebrand (STB) surged on Wednesday after the Norwegian savings and insurance group reported a significant increase in second-quarter profit and announced a new share buyback plan. The company's stock rose 4.5% to NOK 197.1, reaching a new 52-week high on the news.

Second-Quarter Results Exceed Expectations

Storebrand announced a group profit of NOK 1.80 billion for the second quarter of 2026, a 26% increase from the NOK 1.43 billion reported in the same period a year earlier. The company's operating profit grew 17% to NOK 1.12 billion, while profit after tax climbed 19% to NOK 1.38 billion, according to its interim results filing.

Key financial highlights for the quarter include:

• Assets under management (AUM) reached a record NOK 1.66 trillion, up 10% year-over-year.
• Portfolio premiums expanded by 12% to NOK 11.1 billion.
• Group operating costs rose just 2.8%, well below management's stated annual ceiling of 5%.

Insurance Division Drives Growth

Ad

The insurance division was the primary engine of growth during the quarter, with its segment result climbing 40% to NOK 889 million. This performance was fueled by strong premium growth and lower claims within the retail business.

A key indicator of underwriting profitability, the combined ratio, improved significantly to 86.7% from 91.4% a year prior. A combined ratio below 100% indicates that an insurer is making a profit from its underwriting activities.

New Buyback and Outlook

Alongside the strong earnings, Storebrand announced a new NOK 1 billion share buyback programme. This reinforces the company's stated goal of completing at least NOK 12 billion in total share repurchases by 2030.

The company noted its ability to execute the buyback is supported by a solvency ratio that remains comfortably above the 175% threshold. Citing the strong performance, management reaffirmed its confidence in the company’s long-term financial targets.