Storebrand

Stock market information

Storebrand ASA is listed on the Oslo Stock Exchange under the ticker symbol STB, and is classified within the financial sector. The share is included in both the OSEBX benchmark index and the OBX index, xhich consist of the 25 most traded stocks on the Oslo Stock Exchange.

Storebrand has a diversified ownership structure with a high proportion of institutional and foreign ownership. Its largest individual shareholder is the Government Pension Fund Norway (Folketrygdfondet), holding approximately 11 percent of the shares.

History

Origins (1767-1919)

Storebrands oldest roots trace back to "Den almindelige Brand-Forsikrings-Anstalt", established in 1767 as a compulsory fire insurance scheme for buildings in Norwegian cities. The scheme later evolved into Norges Brannkasse. The name Storebrand originates from "Christiania almindelige Branfosikrings-Selskab for Varer og Effekter", founded on May 4, 1847.

Growth and consolidation

Throughout the 20th century, Storebrand expanded through a series of acquisitions and mergers, including the acquisition of Idun (1923) and the travel insurance company Europeiske (1936). In 1983, the Norden Group and the Storebrand Group merged, an in 1984 Norske Folk and Norges Brannkasse were jointly marketed under the name UNI forsikring. The company changed its name to AS Storebrand in 1986.

The UNI Storebrand crisis

In 1991 Storebrand merged with the companies under the UNI Forsikring trademark (Norges Brannkasse and Norske Folk), to become UNI Storebrand. Later attempts to acquire Swedish insurance company Skandia, together with Danish company Hafnia and Finnish company Pohjola, to form a large Nordic insurance company under Norwegian leadership, failed in 1992. This caused the share prices of UNI Storebrand to plummet and the government took control of the company. In 1993 the company successfully managed to restructure its debt and was again made available for trading on the Oslo Stock Exchange.

From 1996 to the present

In 1996 the company changed its name to Storebrand ASA, and was granted governmental concession to operate banking services through its fully owned subsidiary Storebrand Bank.

The following year, attempts to merge with Christiania Bank og Kreditkasse, now part of Nordea, failed as Storebrand did not achieve the necessary two-thirds majority for the merger from its shareholders. 63,38 percent voted in favor.

In 1999 Storebrand merged its P&C insurance division with similar divisions of Skandia and Pohjola to form If P&C Insurance, in which Storebrand retained an ownership share of 33 percent. The shares were later sold, a natural consequence of Storebrand starting a new P&C insurance division to become a competitor of If, while If also became a competitor of Storebrand by selling health insurance and certain pension plans.

During the 1970s, Storebrand acquired the remaining share in the Det norske Livsforsikringsselvskab Idun, in which it held a majority stake since 1923. This was followed by the merger with Norden in 1982, and in 1991 UNI was integrated into the group through the establishment of UNI Storebrand.

In 2002, Storebrand acquired Delphi funds, followed by Swedish life insurance sompany SPP in 2007.

In 2017, Storebrand acquired asset manager SKAGEN for NOK 1.6 billion. The company was founded in Stavanger in 1993 by Kristoffer Stensrud, Åge Westbø, and Tor Dagfinn Veen. Under Storebrands ownership, SKAGEN continues to operate as an independent value-based asset manager, retaining its brand and headquarters in Stavanger.

Storebrand Asset Management acquired Oslo-based secondaries investor Cubera Private Equity for NOK 300 million in 2019.

Criticism and controversies

The UNI Storebrand Crisis

the failed attempt to acquire Skandia in 1991-1992 remains one of the most widely discussed events in Norwegian financial history.

The group was placed under public administration on 25 August 1992 and investigated through NOU 1993:9 and NOU 1994:7.

Financial Supervisory Authority criticism of fund marketing

In March 2022, Norway's Financial Supervisory Authority (Finanstilsynet) criticized Storebrand Asset Management following a document-based review.

The authority concluded that the funds Storebrand Kreditt and Storebrand Kort Kreditt IG had been presented with stronger historical performance than they had actually achieved, due to comparisons with benchmark indices considered non-representative. Finanstilsynet stated that it viewed the issues seriously, and Storebrand subsequently implemented corrective measures.

Review of Storebrand Bank

Following an on-site inspection, finanstilsynet published a report in April 2026 identifying significant weaknesses in Storebrand Banks internal controls, particularly regarding anti-money laundering compliance.

According to the regulator, the Board had not adequately addressed known weaknesses dating back to 2019 despite strong lending growth, and the banks lending practices exposed it to credit risk inconsistent with the boards stated risk appetite.