Solid Forsakringsaktiebolag · OMXSTO:SFAB
Solid Forsakringsaktiebolag — Q4 2023 Earnings Presentation
19 slides from Solid Forsakringsaktiebolag's earnings presentation, 2024
Slide 1: Q4 2023 Presentation
Q4 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 Q4
Highlights Q4 Highest Profit before tax, both for the period as well as full year. • Gross written premiums at the same level as LY. • Net earned premiums decreased by -3 % vs LY. • Net earned premiums within segments Product and and Assistance decreased by -12 % respectively -8 % vs LY. • Within se
Slide 4: Growing underlying business – buy back and dividend
Growing underlying business – buy back and dividend • Increased partnerbase during the period – signed contract with Bike benefits. • Contract with Amtrust international signed during the period relating to the run-off from the acquired Car protect AS in Norway. Positive GWP impact of 14,5 M. • Prep
Slide 5: Financial summary Q4
Financial summary Q4 - GWP at the same level as LY. - NEP decreased by -3 % vs LY. - Technical result decreased by -16 % vs LY. - Combined ratio (CoR) 88,8 %. - Result of asset management amounted to 33,2 MSEK. - Profit before tax +6 % (64,4 MSEK). 4
Slide 6: GWP development
GWP development GWP (Q4) Segment split GWP (Q4) +7% Geographical split GWP (Q4) 350 300 285,8 286,2 Other 250 6% 6% 200 7% Assistance Personal safety 150 34% 34% 100 21% 61% 50 Product 32% 0 2022 2023 +/- 0% +14% 5
Slide 7: Assistance
Assistance Highlights Q4 Net earned premiums Gross profit 400 - GWP increased by 11% vs LY, driven by a 140 352,3 35 90 344,8 one-time effect regarding the run-off 350 78,5 79,7 80 portfolio generated from the acquired Car 120 30 Protect AS in Norway. Excluding this effect 300 70 sales decreased by
Slide 8: Product
Product Highlights Q4 Net earned premiums Gross profit 400 30 66,8 70 366,4 140 338,5 350 57,5 60 - GWP decreased by -10 % vs LY, mainly 120 25 explained by lower sales volumes within 300 50 the home electronic market in Sweden, 100 92,1 20 18,4 250 Norway and Denmark. 81,0 40 80 200 15 13,5 - NEP d
Slide 9: Personal safety
Personal safety Highlights Q4 Net earned premiums Gross profit - GWP increased by +2 % vs LY, driven by the 180 410,8 45 111,1 120 Swedish, Finnish and Danish market. Sales 381,0 400 104,7 160 40 volumes in Norway decreased during the 100 350 period due to our largest partner adapting 140 35 to regu
Slide 10: Q3 in figures
Q3 in figures 9
Slide 11: NEP development
NEP development Net earned premiums Comments 450 1 200 1 100 1 094 - NEP decreased by -3 % vs LY, mainly realted to segments 400 Product and Assistance. NEP within Personal Safety grew vs 1 000 LY driven by the Swedish, Finnish and Danish markets. 350 - Insurance concepts related to car warranties g
Slide 12: Technical result & Combined ratio
Technical result & Combined ratio Technical result Combined ratio 70 180 100% 100% 163,1 162,3 88,8% 88,0% 160 90% 86,1% 86,7% 90% 60 140 80% 80% 50 70% 70% 44,9 120 38,0 60% 60% 40 100 50% 50% 30 80 40% 40% 60 30% 30% 20 40 20% 20% 10 20 10% 10% 0% 0% 0 0 2022 2023 2022 2023 2022 2023 2022 2023 Q4
Slide 13: Asset management
Asset management Investment portfolio MSEK As per 2023-12-31 Cash (fixed rate) 2022-12-31 2023-09-30 2023-12-31 6% Bonds and other interest-bearing Cash securites 719 871 883 19% Subordinated loans 20 42 92 Shares 91 90 106 Cash 297 316 274 Shares 7% Cash (fixed rate) 307 84 79 Bonds and other inter
Slide 14: Asset management
Asset management Result of asset management (MSEK) Result of asset management Total return Q4 2022 Q4 2023 7,0% 40 6,2% Total investment income 9,6 21,8 6,0% 30 Investment charges -0,6 -0,7 5,0% 20 10 4,0% Unrealised gains/losses on investment assets recognised through profit or loss 0 3,0% Q1-20 Q2
Slide 15: Profit before tax
Profit before tax 80 250 219,8 70 64,4 60,6 200 60 50 139,2 150 40 100 30 20 50 10 0 0 2022 2023 2022 2023 Q4 YTD -68% +6% +58% 14
Slide 16: Solvency capital requirement (SCR)
Solvency capital requirement (SCR) +19 pp +5 pp Comments 1 200 200% 186% 1 100 181% 1 000 167% 171% 180% +19 pp - Q4 2022 are adjusted for foreseeable 165% 900 dividends while Q4 2023 are not. 160% 800 700 874 900 938 +5 pp - SCR ratio Q4 2023: 186 % shows an increase 844 600 828 140% of 5 pp compar
Slide 17: Going forward - outlook
Going forward - outlook Our environment • Interest rates have stabilized and we do not expect further increases. • Challenging times for the consumer. Impact on Solid • The current market climate impacts the retail industry and travel market. • Historic impact on Solid in downturns has been limited
Slide 18: Summary Q4
Summary Q4 • Profit before tax grew 6 %. • Strong quarter in the investment portfolio. • Net earned premiums decreased by -3 %. • Increased partnerbase during the period. • Strong capital position – SCR 186 %. • Buy back program continued during the quarter and will resume after the release of the Q
Slide 19: Thank you!
Thank you! 18
Solid Försäkringsaktiebolag — Q4 2023 Earnings Presentation on 6ix