If’s strong growth continues – solid half-year result despite large claims

QUARTERLY RESULT Today, If P&C Insurance presents the financial result for the second quarter and first half of 2024. The strong growth in all business areas continues. A harsh Nordic winter weights down in the first quarter and large claims in the second, but thanks to Ifs scale and business diversity, the result remained strong and stable.  

“Our diverse business model and size is a strength as well as our excellent pricing strategy. We are growing in all business areas, and we are a reliable partner to our customers handling more than 100 MSEK per day in claims payments; from weather related to large claims, including public events”, says Morten Thorsrud, CEO of If P&C Insurance. 

The steady premium growth (7.3 percent) for the first half of 2024 is supported by robust growth across all business areas, with growth in private mainly driven by Personal risk insurances (12 percent) and Property (6 percent), whilst Motor (5 percent) development is modest due to continued low new car sales volumes during the first half of 2024. Premium growth was also reinforced by continued high and stable renewal rates and retention.  

“People and corporations are increasingly prioritizing health and wellbeing. We are well positioned in the market as we see strong interest in our in personal risk offerings”, continues Morten Thorsrud. 

In total, If reported profit before taxes of 8 368 MSEK for the first half-year of 2024, representing an increase of 12.4 percent year-on-year. Insurance service result for the second quarter was 2 513 MSEK (2 412), with a combined ratio of 83.1 (82.9). 

Potential digital scaling capabilities in the Nordics  

If’s digitalization continues to focus on efficiencies in operations and improving customer journeys. During the first half of 2024 If saw a steady growth in digital sales, customer contacts and claims reporting. Private customers tend to increasingly prefer a digital customer relationship, while human support still plays an important part of total service delivery.  

“Again, our scale is a true competitive advantage, enabling us to invest in shared infrastructure for both digital sales and personalized services. I’m very proud of our digital journey so far as we have simplified our customers’ access to insurance. We still have more potential in scaling key digital capabilities throughout all markets and to further strengthen our customer offering”, concludes Morten Thorsrud.  

Nordic results for the first half-year 2024: 

Group result (MSEK) 

• Topline growth was 7.3 percent (excluding currency effects) for the first six months 2024 compared to last year (Q2 2024: 6.7 percent) 

• Gross written premium Q2: 16 129 MSEK (15 055) 

• Insurance service result Q2: 2 513 MSEK (2 412) 

• Net financial result Q2: 1 885 MSEK (1 276) 

• Profit before taxes Q2: 4 352 MSEK (3 671) 

• Combined ratio Q2: 83.1 (82.9), 6M 2024: 84.9 (82.7) 

Group result (MEUR) 

• Topline growth was 7.3 percent (excluding currency effects) for the first six months 2024 compared to last year (Q2 2024: 6.7 percent) 

• Gross written premium Q2: 1 407 MEUR (1 307) 

• Insurance service result Q2: 219 MEUR (210) 

• Net financial result Q2: 165 MEUR (112) 

• Profit before taxes Q2: 379 MEUR (320) 

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: 

Sampo: Maria Silander, Communications Manager, Media Relations, tel. +358 10 516 0031 

If Press office: press@if.se