Storebrand ASA Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Barma - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thanks for taking my questions. Sorry, my camera doesn't seem to be loading. So my first question is on the Insurance result. We're at Storebrand for (inaudible). We've moved from many tough quarters to the best one in many years. Can you give us some color as to how much frequency and weather helped this period, and whether you see this as a sustainable result for the rest of the year? And then on disability, it's a bit hard to track the performance of disability insurance now. So can you give us an update on performance in the -- within the Insurance segments? And just linked to that, the risk result in Guaranteed Pensions was a bit weaker. Was that a matter of disability as well, or was it more on the longevity or the mortality side this quarter? Thank you.

Question: David Barma - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yes, hello again. Thank you. Just two follow up, please. Firstly, on the cost ratio in in Insurance. So should we expect the close to 17% cost ratio of Q2 to gradually normalize in coming quarters closer to the 16% or even a little bit below if we adjust for the cost that you that you front load, or is that more of a -- or is that more driven by the volume components and so it should take maybe a little bit longer to normalize? And then secondly, just on the last question on the investment results in the company portfolio. This was very good and going up in a low-rate environment in Q2, was there anything specific this quarter or maybe could you give us the gap between your reinvestment rates and your book yield for the company portfolio? Thank you.