Solid Forsakringsaktiebolag · OMXSTO:SFAB
Solid Forsakringsaktiebolag — Q1 2024 Earnings Presentation
19 slides from Solid Forsakringsaktiebolag's earnings presentation, Apr 25, 2024
Slide 1: Solid Försäkring
Solid as Férsakring -. =
Slide 2: Marcus Tillberg, CEO and Sofia Andersson, CFO
Marcus Tillberg Sofia Andersson Chief Executive Officer Chief Financial Officer 2
Slide 3: Q1 financial highlights
• Gross written premiums decreased by -6 % vs LY. • Net earned premiums decreased by -1 % vs LY. • Net earned premiums within segments Product and Assistance decreased by -11 % respectively -6 % vs LY. • Within segment Personal Safety, net earned premiums grew by 13 % vs LY. • Technical result decre
Slide 4: Q1 business highlights: partners, acquisition, buyback, dividend
• Signed new partners during the period , Niemi Bil, Forex Bank, and expanded our cooperation with Synsam. • Acquired Svensk Bilhandelsförsäkring – integrated April 1. • Launched cooperation with Norion Bank (Collector) during the period. • Buy back program continued during the period until March 8.
Slide 5: GWP and NEP summary for Q1
- GWP decreased by -6 % vs LY. - NEP decreased by -1 % vs LY. - Technical result decreased by -3 % vs LY. - Combined ratio (CoR) 89,3 %. - Result of asset management amounted to 28,0 MSEK. - Profit before tax +9 % (57,9 MSEK). 5
Slide 6: GWP, segment and geographical split
GWP (Q1) Segment split GWP (Q1) +7% Geographical split GWP (Q1) 300 280,0 Other 262,5 250 10% Assistance Personal safety 6% 200 38% 39% 7% 150 Product 23% 100 15% 63% 50 Segment split GWP (Q4) 0 2023 2024 Assistance Personal safety 34% 34% -6 % Product 32% 6
Slide 7: Highlights Q1: Assistance
Highlights Q1 Net earned premiums Gross profit - GWP decreased by 10 % vs LY, driven by lower sales 20 18,2 within travel insurance concepts. Sales within car 100 94,7 warranties grew during the period. 89,4 90 15,6 - NEP decreased by -6 %, driven by lower sales with 80 15 regards to insurance produ
Slide 8: Highlights Q1: Product
Highlights Q1 Net earned premiums Gross profit 100 20 88,2 17,6 90 - GWP decreased by -17 % vs LY, mainly 78,2 explained by lower sales volumes within 80 14,3 home electronics, eyewear and to some 15 extend the bicycle market in Sweden. 70 60 - NEP decreased by -11 % vs LY, mainly related to home el
Slide 9: Highlights Q1: Personal Safety
Highlights Q1 Net earned premiums Gross profit 120 30,6 - GWP increased by +6 % vs LY, driven by the 110,2 Swedish, Finnish and Danish market. Sales 30 97,3 26,8 volumes in Norway decreased during the period 100 due to our largest partner adapting to regulatory 25 requirements. 80 20 - NEP increased
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Slide 11: Net earned premiums
Net earned premiums Comments 300 - NEP decreased by -1 % vs LY, mainly related to segments 280,2 277,8 Product and Assistance. NEP within Personal Safety grew vs LY. 250 - NEP in Product decreased by -11 % vs LY, mainly related to insurnace concepts for home electronics, optics and bicycles. 200 - N
Slide 12: Technical result and combined ratio
Technical result Combined ratio 50 100% 88,2% 89,3% 45 90% 39,9 40 38,8 80% 35 70% 30 60% 25 50% 20 40% 15 30% 10 20% 5 10% 0 0% 2023 2024 2023 2024 Q1 Q1 -3 % +1,1 ppt 12
Slide 13: Investment portfolio, MSEK as per 2024-03-31
Investment portfolio MSEK As per 2024-03-31 Cash (fixed rate) 2023-03-31 2023-12-31 2024-03-31 6% Cash Bonds and other interest-bearing 13% securites 775 883 911 Subordinated loans 48 92 132 Shares 93 106 113 Shares 8% Cash 190 274 192 Cash (fixed rate) 302 79 79 Subordinated loans Bonds and other 9
Slide 14: Result of asset management and total return
Result of asset management (MSEK) Result of asset management Total return Q1 2023 Q1 2024 2,5% Total investment income 14,3 19,3 40 2,0% 30 2,0% Investment charges -0,7 -0,8 20 1,5% 10 1,5% Unrealised gains/losses on investment assets 0 recognised through profit or loss Q3-20 Q3-21 Q3-22 Q3-23 Q1-20
Slide 15: Profit before tax
70 60 57,9 53,2 50 40 30 20 10 0 2023 2024 Q1 +9% 15
Slide 16: Solvency capital and SCR ratio
+11 pp +6 pp Comments 1 200 200% 1 100 181% 176% 180% +11 pp - Q1 2023, Q4 2023 and Q1 2024 are adjusted for 1 000 171% 170% 165% dividends - paid out and foreseeable. 900 160% 800 - SCR ratio Q1 2024: 176 % shows an increase of 6 pp 900 700 844 874 855 888 140% +6 pp compared to Q4 2023 (both adjus
Slide 17: Our environment and impact on Solid
Our environment • Interest rates – we are expecting reduction of interest rates going forward • Still challenging times for the consumer until effects of lower interest rates kick in Impact on Solid • The current market climate impacts the retail industry and travel market. • Negative impact for Sol
Slide 18: Summary of the quarter
• Profit before tax grew 9 %. • Strong quarter in the investment portfolio. • Net earned premiums decreased by -1 %. • Increased partner base during the period. • Acquried Svensk bilhandelsförsäkring • Strong capital position – SCR 176 %. • Buy back program continued during the quarter • The Board p
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