Solid Forsakringsaktiebolag · OMXSTO:SFAB
Solid Forsakringsaktiebolag — Q3 2023 Earnings Presentation
18 slides from Solid Forsakringsaktiebolag's earnings presentation, 2023
Slide 1: Q3 2023 Presentation
Q3 2023 Presentation 1
Slide 2: Marcus Tillberg, CEO and Sofia Andersson, CFO
Marcus Tillberg Sofia Andersson Chief Executive Officer Chief Financial Officer 2
Slide 3: Highlights Q3
Highlights Q3 • Gross written premiums decreased -8 % vs LY • Net earned premiums decreased -2 % vs LY • Net earned premiums within segments Product and Assistance decreased by -10 % respectively -7 % vs LY • Within segment Personal Safety NEP grew by 11 % vs LY • Technical result decreased by -5 %
Slide 4: Financial summary Q3
Financial summary Q3 - Gross written premiums decreased -8 % - Net earned premiums decreased -2 % - Technical result decreased by -5 % - Combined ratio (CoR) 87,2 % - Result of asset management amounted to +15,3 MSEK - Profit before tax +19 % (51,8 MSEK) 4
Slide 5: GWP development
GWP development GWP (Q3) Segment split GWP (Q3) +7% Geographical split GWP (Q3) 350 Other 304,2 300 280,3 9% 5% 250 7% 200 Assistance 33% Personal safety 36% 150 17% 100 61% Product 31% 50 0 2022 2023 -8% +14% 5
Slide 6: Assistance
Assistance Highlights Net earned premiums Gross profit 300 - GWP decreased during the period by -11% vs 140 264,4 264,3 35 70 62,7 Q3 2022 driven by lower sales within travel 59,1 250 insurance. Sales within car warranties grew 120 30 60 during the period. 24,7 100 90,8 200 25 23,2 50 - NEP decrease
Slide 7: Personal safety
Personal safety Highlights Net earned premiums Gross profit 303,4 - Gross written premiums increased by +2 % driven 140 283,7 300 40 90 by the Swedish, Finnish and Danish markets. Sales 78,7 81,8 80 in Norway decreased during the period due to our 120 250 35 106,6 largest partner adapting to regulat
Slide 8: Product
Product Highlights Net earned premiums Gross profit - GWP decreased by -14 % explained by lower 274,3 300 30 140 sales volumes within the homeelectronics 257,5 48,4 50 market in Sweden, Norway and Denmark. 250 44,0 120 25 - NEP decreased by -10 % mainly related to 40 100 93,0 200 home electronic ins
Slide 9: Q3 in figures
Q3 in figures 9
Slide 10: NEP development
NEP development Net earned premiums Comments Q3 450 900 822,5 825,3 - NEP decreased by -2 % in Q3 vs LY, driven by 400 800 the development in Product and Assistance. 350 700 - NEP in Product decreased by -10 % vs LY mainly related to home electronic insurances. 300 280,0 275,3 600 - NEP in Assistanc
Slide 11: Technical result & Combined ratio
Technical result & Combined ratio Technical result Combined ratio 70 140 100% 100% 124,3 90% 87,2% 86,9% 87,7% 90% 85,4% 118,2 60 120 80% 80% 50 45,8 100 70% 70% 43,5 60% 60% 40 80 50% 50% 30 60 40% 40% 30% 30% 20 40 20% 20% 10 20 10% 10% 0 0 0% 0% 2022 2023 2022 2023 2022 2023 2022 2023 Q3 YTD Q3 Y
Slide 12: Asset management
Asset management Investment portfolio MSEK As per 2023-09-30 Cash (fixed rate) 2022-09-30 2023-06-30 2023-09-30 6% Bonds and other interest-bearing securites 636 801 866 Cash 23% Subordinated loans 21 42 42 Shares 88 101 90 Cash 649 210 316 Cash (fixed rate) 0 214 84 Shares Bonds and other 6% intere
Slide 13: Asset management
Asset management Result of asset management (MSEK) Result of asset management Total return Q3 2022 Q3 2023 5% 30 Total investment income 8,1 14,1 3,8% 4% 20 Investment charges -0,6 -0,8 3% 10 2% Unrealised gains/losses on investment assets recognised through profit or loss 0 Q1-20 Q2-20 Q3-20 Q4-20
Slide 14: Profit before tax
Profit before tax 80 180 155,4 160 70 140 60 51,8 120 50 43,6 100 40 78,6 80 30 60 20 40 10 20 0 0 2022 2023 2021 2022 Q3 YTD -68% +19% +98% 14
Slide 15: Solvency capital requirement (SCR)
Solvency capital requirement (SCR) +1 pp +10pp Comments 1 200 200% 1 100 180% 181% 180% +10 pp - Q4 2022 and Q1 2023 are adjusted for 171% 1 000 167% 165% foreseeable dividends while dividends are 900 160% paid out in Q2 2023 800 900 700 863 828 844 874 140% - SCR ratio Q3 2023: 181 % shows a increa
Slide 16: Going forward - outlook
Going forward - outlook Our environment • Interest rates expected to remain at current level in the foreseeable future • Challenging times for the consumer Impact on Solid • The current market climate is expected to impact the retail industry and travel market • Historic impact on Solid in downturns
Slide 17: Summary Q3
Summary Q3 • Total operating profit before tax grew 19 % • Strong quarter in the investment portfolio • Net earned premiums decreased by -2 % • Increased partnerbase during the period – signed contract with Aftén bil • Strong capital position – SCR 181 % • Buy back program continued during the quart
Slide 18: Thank you!
Thank you! 18
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