Solid Forsakringsaktiebolag · OMXSTO:SFAB
Solid Forsakringsaktiebolag — Q3 2024 Earnings Presentation
18 slides from Solid Forsakringsaktiebolag's earnings presentation, Oct 24, 2024
Slide 1: Q3 2024 Presentation
Q3 2024 Presentation 1
Slide 2: Presenters: Marcus Tillberg and Sofia Andersson
Marcus Tillberg Sofia Andersson Chief Executive Officer Chief Financial Officer 2
Slide 3: Highlights Q3
Highlights Q3 Sales growth and strong increase in profit before tax • Gross written premiums increased by 6 % vs LY. • Net earned premiums increased by 6 % vs LY. • Net earned premiums within segments Personal safety and Assistance grew by 6 % respectively 23 % vs LY. • Within segment Product, net e
Slide 4: Financial summary Q3
Financial summary Q3 - GWP increased by 6 % vs LY. - NEP increased by 6 % vs LY. - Technical result decreased by -10 % vs LY (39 MSEK). - Combined ratio (CoR) amounted to 89,3 %. - Result of asset management amounted to 30,3 MSEK. - Profit before tax +21 % vs LY (62,6 MSEK). - Earnings per share amo
Slide 5: GWP development
GWP development Gross written premiums Segment split GWP (Q3) +7% Geographical split GWP (Q3) 500 900 831,9 842,7 Other 450 800 400 6% 700 5% 350 4% 600 296,0 300 280,3 Personal safety 500 Assistance 36% 14% 250 37% 400 200 300 150 200 Product 70% 100 27% 50 100 0 0 2023 2024 2023 2024 Q3 YTD +6 % +
Slide 6: Assistance
Assistance Highlights Q3 Net earned premiums Gross profit 180 350 35 70 - GWP increased by +26 % vs LY, driven by 62,7 higher sales within insurance concepts 160 291,0 related to car warranties both in the 300 30 60 264,3 Swedish and Norwegian market. 140 50,1 250 25 23,2 50 - NEP increased by +23 %
Slide 7: Product
Product Highlights Q3 Net earned premiums Gross profit 180 300 30 50 - GWP decreased by -15 % vs LY, mainly 44,0 explained by lower sales volumes within 160 257,5 45 home electronics. 230,9 250 25 39,6 40 140 - NEP decreased by -10 % vs LY, mainly 35 related to home electronic insurances in 120 200
Slide 8: Personal Safety
Personal Safety Highlights Q3 Net earned premiums Gross profit 100 92,1 200 400 - GWP increased by +7 % vs LY, driven by 60 90 PPI in the Swedish and Finnish markets. 81,8 180 333,6 350 80 Sales volumes in Norway and Denmark 303,4 50 160 decreased during the period. New partners 300 70 contributed t
Slide 9: Q3 in figures
Q3 in figures 9
Slide 10: NEP development
NEP development Net earned premiums Comments 500 855,5 900 825,3 - NEP increased by 6% vs LY, related to segments 450 800 Personal safety and Assistance. 400 700 - NEP in Product decreased by -10 % vs LY, mainly related to insurance concepts for home electronics. 350 600 300 292,3 - NEP in Personal
Slide 11: Technical result & Combined ratio
Technical result & Combined ratio Technical result Combined ratio 70 140 100% 100% 124,3 89,3% 89,7% 87,2% 87,7% 90% 90% 60 113,2 120 80% 80% 50 100 70% 70% 43,5 39,0 60% 60% 40 80 50% 50% 30 60 40% 40% 20 40 30% 30% 20% 20% 10 20 10% 10% 0 0 0% 0% 2023 2024 2023 2024 2023 2024 2023 2024 Q3 YTD Q3 Y
Slide 12: Asset management
Asset management Investment portfolio MSEK As per 2024-09-30 Cash (fixed rate) 2023-09-30 2024-06-30 2024-09-30 6% Bonds and other interest-bearing Cash securites 866 906 894 16% Subordinated loans 42 125 119 Shares 90 118 116 Shares Cash 316 139 232 8% Cash (fixed rate) 84 80 77 Bonds and other int
Slide 13: Asset management
Asset management Result of asset management (MSEK) Result of asset management Total return (YTD) Q3 2023 Q3 2024 Q3-24 7,0% Q2-24 6,0% Total investment income 14,1 22,7 Q1-24 6,0% Q4-23 Investment charges -0,8 -0,7 Q3-23 5,0% Q2-23 Q1-23 3,8% 4,0% Unrealised gains/losses on investment assets Q4-22 r
Slide 14: Profit before tax
Profit before tax 100 200 90 173,3 180 80 155,4 160 70 140 62,6 60 120 51,8 50 100 40 80 30 60 20 40 10 20 0 0 2023 2024 2023 2024 Q3 YTD -68% +21% +12% 14
Slide 15: Solvency capital requirement (SCR)
Solvency capital requirement (SCR) +11 pp +14 pp Comments 1 200 192% 200% 1 100 181% 178% 1 000 170% 176% 180% +11 pp - Strong development in solvency ratio in the 900 light of both dividends, buybacks and 800 955 160% acquisitions. 900 888 913 700 855 600 140% +14 pp - SCR ratio Q3 2024: 192 % show
Slide 16: Going forward - outlook
Going forward - outlook Our environment • Interest rates – we are expecting continued reduction of interest rates going forward. • Still challenging times for the consumer until effects of lower interest rates kick in. • Geopolitical instability continues. Impact on Solid • The current market climat
Slide 17: Summary Q3
Summary Q3 • Profit before tax grew 21 %. • Strong quarter in the investment portfolio. • Gross written premiums increased by 6 %. • Net earned premiums increased by 6 %. • Increased partner base during the period. • Strong capital position – SCR 192 %. • Buy back program continued during the quarte
Slide 18: Thank you!
Thank you! 18
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