If presents strong growth and stable result for 2023 despite a challenging year
Today, If P&C Insurance, part of Sampo Group, presents the financial result for the fourth quarter and full year 2023. If continued with strong growth momentum across markets and business areas, especially in property and personal risk insurance.
!["Challenges in one area can be offset by strong performances in other areas. This allows If to continue being an attractive and stable choice for our customers”, says Morten Thorsrud, CEO of If P&C Insurance.](/data/images/public/391729/3415690/e51e976e-7614-4f8b-bd5f-e993568dbe67-w_720.jpg)
Last year's severe weather conditions resulted in numerous challenging claims situations. Inflation in general, significantly increased claims costs. The fourth quarter was affected by an earlier and more severe winter season than usual.
“Scale is an advantage in insurance. Our market and business area diversity are key strengths. We approach risk and efficiency in a consistent way across If. Challenges in one area can therefore be offset by strong performances in other areas. This allows us to continue being an attractive and stable choice for our customers”, says Morten Thorsrud, CEO of If P&C Insurance.
Balanced growth across markets and business areas
If’s growth was strong across all business areas. High retention was a decisive factor next to successful pricing measures that mitigated claims inflation.
The growth in premium revenue, adjusted for currency fluctuations, was 6.7 per cent 2023, and 5.6 per cent for the quarter. The combined ratio was for the quarter 83.1 per cent (98.5) and for the year 83.1 per cent (86.6), which is stronger than If’s target of below 85 per cent for 2021-2023.
“Also on the growth side, we see that our size and diversified portfolio are true competitive advantages. While premium growth was modest in motor (3,2%) due to continued weak new car sales, growth within property (9,7%) and personal risk insurances (9,6%) were exceptionally strong. In all business areas, we respond to society's increasing interest in health and well-being, and here we have significant opportunities to help our customers even more going forward”, says Morten Thorsrud.
Growth was generally good in all Business Areas and all countries (8,7% in Finland, 7,1% in Norway and 6,2% in Sweden), except for Denmark (-0,6%) where the non-renewal of some large Industrial clients at the beginning of the year had a significant negative impact. Private ended up with 5,0% growth, Commercial with 5,6%, Industrial with 11,8% and Baltic with 15,7%.
If’s digitalization continues to drive efficiencies in operations and support improvement of customer journeys, leading to a significant increase in digital sales and usage of self-service solutions.
Investment result also contributed positively, driven by high running yield in fixed income and positive development in equity markets.
In total, If P&C reported an Insurance Service Result of 842 (673) MEUR for 2023, representing an increase of 25 per cent year-on-year. For the fourth quarter the Insurance Service Result was 214 MEUR.
Profit before taxes for 2023 ended at EUR 1,358 million (1,550), and in the fourth reported profit before taxes was EUR 369 million (60).
FINANCIAL HIGHLIGHTS
Nordic results for the fourth quarter 2023 (Q4/2022)
- Topline growth was 6.7 percent (excluding currency effects) for 2023 compared to last year (Q4: 5.6 percent)
- Gross written premium Q4: 12 547 MSEK (11 977)
- Insurance service result Q4: 2 455 MSEK (200)
- Net financial result Q4: 1 887 MSEK (762)
- Combined ratio for the fourth quarter was 83.1 (98.5) and for the year 83.1 (86.6)
Note: From 1 January 2023 If reports according to IFRS 17 and IFRS 9. 2022 comparison numbers have been restated for IFRS 17 but not for IFRS 9.
Sampo Group key figures for 2023
Profit before taxes (Sampo’s P&C Operations): EUR 1,481 million (EUR 1,924 million (reported in 2022); EUR 803 million under comparable accounting assumptions)
Group combined ratio (%): 84.6 (85.8)
Note: From 1 January 2023 Sampo Group reports according to IFRS 17 and IFRS 9. 2022 comparison numbers have been restated for IFRS 17 but not for IFRS 9.
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
Kontakter
Pressfrågor
Tel:08-410 023 03press@if.seOm oss
If är Nordens största skadeförsäkringsbolag med cirka 3,7 miljoner kunder i Norden och Baltikum. Vi erbjuder bland annat bilförsäkring, hemförsäkring och barnförsäkring för privatpersoner samt olika typer av företagsförsäkringar för små och stora kunder. Koncernen har cirka 7 900 anställda.
If bildades 1999 när svenska Skandias och norska Storebrands skadeförsäkringsverksamheter fusionerades. If är helägt av den nordiska försäkringsgruppen Sampo.
Följ If Skadeförsäkring
Abonnera på våra pressmeddelanden. Endast mejladress behövs och den används bara här. Du kan avanmäla dig när som helst.
Senaste pressmeddelandena från If Skadeförsäkring
Stressen ökar på hemmakontoret – viktigt med tydlig gränsdragning25.6.2024 07:00:00 CEST | Pressmeddelande
Det hybrida arbetslivet upplevs underlätta livspusslet för många, men den långvariga negativa stressen är som störst bland hemmajobbarna. Det visar en ny nordisk rapport från försäkringsbolaget If. "Inför semestern är det extra viktigt att göra ett tydligt avslut", säger Kristina Ström Olsson, nordisk hälsostrateg på If.
Flest dödsolyckor i trafiken under sommaren – de här vägarna drabbas hårdast18.6.2024 06:57:15 CEST | Pressmeddelande
I juni, juli och augusti sker fler svåra olyckor i trafiken än under resten av året. E6:an genom Göteborg är den vägsträcka där det inträffat flest sommarolyckor i hela landet de senaste åren.
If i Almedalen lyfter hållbart arbetsliv och näringslivets klimatmål27.5.2024 07:00:00 CEST | Pressmeddelande
Försäkringsbolaget If är på plats i Almedalen i år och fokuserar på två viktiga framtidsfrågor: Förebyggande insatser mot skenande sjukskrivningstal med ökad stress på arbetsplatserna – och näringslivets viktiga roll för att driva på klimatomställningen. Välkomna till våra panelsamtal eller mingla med oss på plats!
Ny nordisk undersökning bland 4 000 personer bekräftar oroande ökning av stress14.5.2024 07:00:00 CEST | Pressmeddelande
En ny nordisk undersökning från försäkringsbolaget If visar att stressen sprider sig i hela Norden. 51 procent av befolkningen i Norden upplever att deras arbetsförmåga har påverkats negativt av stress. ”Vi ser tydliga paralleller mellan den upplevda stressnivån och sjukskrivningstalen. Utvecklingen går åt fel håll”, säger Kristina Ström Olsson, hälsostrateg på If.
If presents record-high growth and large interest in personal health7.5.2024 08:54:14 CEST | Pressmeddelande
“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.
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.
Besök vårt pressrum