Storebrand ASA Capital Markets Day Transcript

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

Question: Hans Rettedal Christiansen - Danske Markets Equities - Analyst : Hans Rettedal Christiansen, Danske Markets, thank you for taking my question and thank you for a very thorough presentation. Trying to limit it to two questions is difficult, but maybe if I start where you started on, strategy. And I guess a word that keeps going again and again is scalability, maybe perhaps especially within asset management. So my question is, in the improved cost to income ratio, how important is sort of the alternatives initiatives that you have and how much of it is, if I can say, true scalability versus how much is just operational leverage from fundraising within those funds going forward here? That's my first question. And then my second question is on capital, and thank you for providing the slides on remittance. So now you say you expect 100% remittance and just if I can do a calculation and see if it's correct, if you have NOK7 billion in pre-tax profits in 2027, you take that net of tax you're maybe at NOK5 billion to NOK5.5 billion in net income. If you're growing dividends, let's say 15% per year, you'd be at NOK3 billion to NOK3.5 billion in dividends in 2027, and then you have NOK1.5 billion in share buybacks. How much capital does the future business need to grow? That's my first question, and then the second question is, at which point would you consider sort of increased share buybacks if you don't see any other structural opportunities?

Question: Hans Rettedal Christiansen - Danske Markets Equities - Analyst : I was just wondering, just a follow-up question on Korn and the investments you're making there. In the retail market, I think you used the expression taking your unfair market share or in terms of growth. What do you think is your sort of fair or unfair market share? In the own pension accounts, if you succeed in Kron, are you happy at 21%, or do you think that's going to be higher in the period going forwards?