Storebrand Asa Unsp/Adr

Good morning, ladies and gentlemen, and welcome to Storbrand's first quarter 2026 result presentation. As usual, our CEO, Odd-Aril Grefstad, will present the key highlights, followed by CFO Kjetil Krøtche, 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 Grefta.

Thank you, Johannes, and good morning, everyone. Storbrand delivered a solid start to 2026. The macro backdrop of the first quarter was challenging with volatile financial markets. Yet, our business model proved robust with positive developments across all business segments. The operational results grew 28% to 1026 million. The cash based earning ended at 1,353 million, despite a moderate financial result due to mark to market effects. Asset management ended at 1,543 billion. While market movements negatively impacted the AUM this quarter, the changes were mainly driven by currency effects. Net flows remained positive and we have seen the market rebound in the second quarter. Our solvency ended at a new high of 206%. This underscores the solidity of our business and makes us confident that we will deliver on our capital distribution plans. It is encouraging to see all reporting segments delivering double digit growth in operational results this quarter. This reflects the impact of our cost initiatives and demonstrates the resilience of our business model. Insurance had a strong first quarter. with 151% result growth, mainly due to significant increase in new customers. In savings, the operation result grew by 15% year-on-year. And guaranteed pension also achieved a double-digit growth for the quarter. I am pleased to see that the volume growth is converted into scalable operational results. Let me briefly touch on capital distribution. Storbrand maintains a strong capital position, and the buyback program remains on track. Of the 2 billion program for 2026, 1.4 billion remains to be executed. With a 206% solvency ratio, strong remittance this year with liquidity levels well above targeted minimum levels, and a strong earnings outlook, I'm confident that Storbrand is well positioned to deliver on the 2025 CMD capital distribution ambitions. We keep executing our strategy to grow capital light business areas. The strategy is built for Storbrand to take three commercial positions. A, to be the leading provider of occupational pension in both Norway and Sweden. And 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. We continue to deliver strong growth in our strategic focus areas. Despite volatile markets in the quarter, the underlying growth path remains firm. This is a continuation of strong growth consistently delivered over many years. In asset management, the decline mainly reflects a negative currency effect and flows remains positive. Growth in the bank was somewhat lower this quarter, reflecting a deliberate adoption of the balance sheet to CRR3. Occupational pensions are a core growth platform for Storbrann. I want to highlight an important milestone that Storbrann has worked for over time. In the quarter, the Norwegian parliament passed a bill introducing significant changes to the regulation of paid-off policies and other guaranteed pension products. Key changes include more flexible guarantee rules designed to support longer-term investment strategies. This is expected to increase pensions and improve profit sharing. Kron continues to gain traction in the owned pension account market. More than half of our sales within the owned pension account market are now fully digital. Easy onboarding and intuitive fund selection ensure scalable and high conversion rates. Despite market volatility, asset management delivered a strong operation result growth of 41%. Discipline cost management contributed significantly. Operating costs were reduced by 6%, and the cost-income ratio improved by 9% points compared to last year. We also completed the merger of Storbrand Fonder into Storbrand Asset Management. This has further simplified the organization, streamlined processes, and strengthened our scalable platform. We keep delivering strong growth in the Norwegian retail market. Kron continues to attract new retail savings customers. Assets under management on the platform are now at 43 billion, growing 80% year on year. Retail insurance is also an important growth area for us. Let me spend a moment on why this area is important for our long-term value creation. Norwegian retail P&C is a large and profitable market. And we are the fastest growing actor in this market. And now hold the market share of around 8%. Our brand is strong. Our offering is competitive. And the Solvency 2 diversification effects give us capital synergies that makes return on investment invested capital in the business very attractive. When very high return on capital compounds over time, it fuels the long-term storbrand investment case in a way that few others can match. The underlying profitability is back on targeted levels, despite high upfront distribution costs reducing the reported profitability. And remember here, we have no deferred acquisition costs in Norway. With ongoing organic growth initiatives supported by new initiatives such as Santander Distribution Partnership that goes live on the 4th of May, I am confident that we can further improve our position in this market. We have seen step change in the development of AI capabilities in the first quarter of 2026. I am now more than convinced than ever that AI is a key to remain competitive and strengthen our market position. We are measuring our progress across five strategic areas. And we are seeing real results. In customer service, our generative AI assistant now handles 60% of the chatbot traffic, improving customer satisfaction by reducing the need to escalate to human advisors. In the bank, we have automated over 650,000 customer cases, which is a key enabler of growth without proportional cost increase. And our technology teams are moving significantly faster as we scale AI-driven development and increase the share of software built in-house. We see significant further potential, and we are systematically mapping our value chain to identify where AI can have the greatest commercial and operational impact. And with that, I give the word back to you, Johannes.

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