Storebrand ASA (SREDF) Q1 2025 Earnings Call Transcript

2025-05-10 15:53:07 ET

Storebrand ASA (SREDF)

Q1 2025 Results Conference Call

May 7, 2025 4:00 AM ET

Company Participants

Johannes Narum - Head of Investor Relations

Odd Grefstad - Group CEO

Lars Loddesol - Group CFO

Kjetil Krokje - Group Head of Finance, Strategy and Merger & Acquisitions

Conference Call Participants

Hans Rettedal Christiansen - Danske Bank

Michele Ballatore - KBW

Farooq Hanif - JPMorgan

Jan Erik Gjerland - ABG

Thomas Svendsen - SEB

Hakon Astrup - DNB Markets

Presentation

Johannes Narum

Good morning, ladies and gentlemen, and welcome to Storebrand's first quarter results presentation.

As usual, our CEO, Odd Arild Grefstad, will present the key highlights of the quarter, followed by CFO, Lars Loddesol, who will dive deeper into the numbers. [Operator Instructions] 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 Arild Grefstad.

Odd Grefstad

Thank you, Johannes, and good morning, everyone. 2025 has so far been characterized by increased geopolitical uncertainty and market volatility. But the impact on Storebrand has been very limited and our risk management system work as intended. Equity markets have recovered since Liberation Day and interest rate volatility has stabilized.

Through the first quarter, we saw increased demand for support and advice from our customers. Our customer-facing teams maintained high availability and swift customer response times. In periods of market volatility, Storebrand benefits from having a diversified business model and asset under management base.

Storebrand's AuM is a mix of long-term pension money, which flows into equity mandates and more stable AuM from alternatives and bonds. The captive AuM accounts for 44% of Storebrand's equity investments, making it very sticky. This is supported by an annual net inflow of around NOK20 billion from the unit-linked pension business. This is long-term money mostly coming from mandatory corporate-sponsored pension schemes....

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