Storebrand Asa Unsp/Adr

Good morning, ladies and gentlemen, and welcome to Storbrand's fourth quarter and full year 2025 result presentation. As usual, our CEO, Odd-Aril Grefstad, will present the key highlights, followed by CFO, Kjetil Krøche, who will dive deeper into the numbers. At the end of the presentation, participants in the team's webinar will have a chance to ask questions. Details on how to join the webinar are found on the Investor Relations website. But without further ado, I give the word to our CEO, Odd Aril.

Thank you, Johannes, and good morning, everyone. I am excited to share a strong set of results for the fourth quarter today. Before we jump into further details, I will start with a few reflections on the progress we have made in 2025. 2025 was another year of clear progress and strong performance. We achieved a record high 5.7 billion results. This means we surpassed our target outlined in the capital market stay in 2023 by 14%. We also saw 26% growth in the operational results for the full year. A large share of the operational results came from short tailed insurance and capital light savings products. This leads to increased quality of earnings. Return on equity was 16% for the full year, surpassing the target of 14% significantly. 2025 was also a solid year for our savings customers, as they received 147 billion in returns. To enhance customer experience and strengthen scalability, we invest selectively in AI and digital platforms. I am therefore pleased to see clear progress in this area. One example is our AI-based customer service chat for insurance, that recently ranked first in the market. AI driven customer interaction is key to scalability going forward. In December, we updated the market on our strategic direction and set financial targets for 2028. The organization is now in execution mode with full focus on operational improvements and scalability across business areas. As shown in this graph, Storbrand has delivered solid result growth over the last three years. Two factors are important to understand this progress. First, It is a result of a group strategy built for capital efficient value creation within savings and insurance. Our diversified business with strong synergies makes us resilient in various scenarios. Second, the progress is driven by great execution. My 2,600 colleagues Bring our priorities to life through an action-oriented culture built on teamwork and shared goals. I want to thank all Storbrand colleagues for your dedication and contribution throughout 2025. Let me now turn to the highlights for the quarter. Storbrand delivered a group profit of 1,515 million in the quarter. The operational result was 1,131 million, up by 61% year on year. The underlying operational result is the best ever for the quarter and for the full year. The record high result is driven by significant growth in insurance, with premiums up by 20% from the last year, together with increasing profitability. Within savings, the result development in asset management stands out positively. Cost control remains a key priority, and I am pleased to see cost development in line with what we outlined for the year. Turning to capital distribution, I am pleased to confirm a 15% increase in dividends to 5.4 kroner per share. On share buybacks, Storbrand has a long-term ambition to distribute more than 12 billion by the end of 2030. By the end of 2025, 5 billion of these has been completed. Reflecting solid capital and liquidity positions, we aim to conduct 2 billion in share buybacks during 2026. This will be done in two tranches of one billion, with the first one starting today. We keep executing our strategy to grow our capital light business areas. This strategy is built for Storbrand to take three commercial positions. A, to be the leading provider of occupational pension in both Norway and Sweden. B, to be a Nordic powerhouse in asset management. And C, to be a fast-growing challenger in the Norwegian retail market for financial services. We take these positions and unlock growth by using our strategic enablers and group synergies. So let me dive into our progress. Across the group, we can once again report double-digit growth. This is due to both structural growth in the savings business, increased market shares in insurance and banking, and supportive markets. Let me start with the first strategic position, being a leading provider of occupational pension in Norway and Sweden. In 2025, we saw double-digit growth in both unit-linked reserves and corporate insurance premiums. Contributing to this, we captured the largest share of the net customer flow in the individual pension market in 2025. In Sweden, SPP keeps expanding. A highlight in the quarter was the broadening of the distribution agreement with Danske Bank. SPP will be the sole provider of pension services to Danske Bank, an important valuation of SPP's solutions. Our second strategic position is to be a Nordic powerhouse in asset management. Several of our flagship funds performed very well in the quarter, taking performance-related income to 475 million for 2025. Within alternatives, our second Nordic real estate fund has experienced strong investor demand and completed its second close. We are very happy to see that investors value our long-term Nordic strategy. In addition to this, AIP management, where Storbrann has a 60% stake, has developed well. With support from existing investors, AIP reached the first close of 2 billion euros for its newest clean energy fund. The AMU growth is supported by positive net flow over the last years. An important competitive advantage is our group synergies. where the growing pension business provides a steady flow to asset management. Over the past years, external assets have grown faster than captive assets, showing that our offering is competitive in the market. Finally, the third strategic position. Sturban aims to be a growing challenger in the Norwegian retail market. We are very pleased to have partnered with Santander in the fourth quarter, a leading player in the market for car financing. This further strengthens our capabilities in the car distribution channel and will be an important driver for our growth strategy. Growth in retail insurance was a key highlight. 26% growth in portfolio premiums in 2025 has increased our market share in P&C to almost 8%. And this is up from almost 7% a year before. To sum up, 2025 was a year of clear progress with strong result growth, improved return on equity, and increased capital distribution. Johannes, back to you.

Thank you, Odaril. Now, let's take a closer look at the numbers. Kjetil, please go ahead.