If presents record-high growth and large interest in personal health
“Today, If presents the highest topline growth yet for the first quarter (7.6%). We improved our profit before taxes (6.5%), supported by strong investment return. Personal insurance is growing the fastest, but even more encouraging is the steady growth in all business areas. Wide growth demonstrates the strength of our geographical footprint and diversified portfolio. The impact of the severe Nordic winter we’ve experienced this year weights down the combined ratio, but the underlying performance is strong”, If’s CEO Morten Thorsrud comments when presenting the results of the first quarter of 2024.
Personal insurance growth mirrors society
The positive development was supported by 7 percent growth in Property and 14 percent in Personal insurance, which reinforces the trend we’re seeing in society; more people are investing in their personal health and well-being, even in a tougher economic environment for both businesses and households. Our upcoming Nordic Health report, where we gather insight into peoples’ perceived health in the Nordics, shows that almost half are willing to pay extra for preventive health services.
Satisfied customers and well positioned for future growth
Strong renewal rates in Q1 (9/10) across all business areas despite price moves to counter for elevated inflation costs. This indicates that we are well positioned in the market with our diverse business to continue a steady growth path.
In total, If reported profit before taxes of 4 017 MSEK (3 773) for the first quarter 2024, representing an increase of 6.5 percent year-on-year. Insurance service result for the first quarter decreased to 1 924 MSEK (2 428), with a combined ratio of 86.8 percent (82.4). The result was negatively impacted by the most severe Nordic winter weather since 2010 with the storm Ingunn, resulting in increased claims, especially in Norway and Sweden. The sudden weather fluctuations caused an unusual broad variation of claims to manage in both Motor and Property.
“The extreme weather is testing our readiness and the whole society. Sustainability is an integral part of our core business with ambitious science-based emissions reduction targets. Our ambition is to actively contribute to a more sustainable and resilient society.”
“I am very proud of the work we do to help our customers to be prepared and to support them when something happens. This ability is further supported by our market and business area diversity meaning that challenges in one area can be offset by strong performances in other areas, providing financial stability over time.”
Morten Thorsrud, CEO of If P&C Insurance
FINANCIAL HIGHLIGHTS
Nordic results for the first quarter (MSEK):
- Topline growth was 7.6 percent (excluding currency effects) for Q1 2024 compared to last year (Q1 2023: 6.1 percent)
- Gross written premium: 23 513 MSEK (22 033)
- Insurance service result: 1 924 MSEK (2 428)
- Net financial result: 2 116 MSEK (1 400)
- Profit before taxes: 4 017 MSEK (3 773)
- Combined ratio: 86.8 (82.4)
If Group result Q1 2024 (MEUR)
- Gross written premium: 2 095 MEUR (1,966)
- Insurance service result: 171 MEUR (217)
- Net financial result: 189 MEUR (126)
- Profit before taxes: 356 MEUR (337)
If is part of Sampo Group. Sampo is the leading P&C insurer in the Nordic region, and the only insurer to offer services across all Nordic countries, customer segments and products. The Group also is major operator in the growing digital P&C insurance market in the UK. Sampo is listed on Nasdaq Helsinki and Nasdaq Stockholm.
For further details on Sampo Group, please visit: www.sampo.com/result
For more information, please contact:
If Press office: +46 8 410 023 03 or [press@if.se]
Sampo: Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031