If delivers continued strong results in third quarter

If reported a combined ratio of 83.6 percent (83.2) for the first nine months of 2024 reflecting strong underlying margins. The strong growth in business volumes continued with a topline growth of 6,4% for the first nine months. Gross written premium growth in Business areas Private was at 6 %, supported by 11 per cent growth in Personal insurance, and 6 per cent growth in Property insurance. The retention rate in the third quarter remained at 89 percent. Growth in Business area Commercial was 5.6% driven by successful renewals and continuous rate increases, as well as strong development in the SME segment.

This year’s third quarter included a major milestone for our Danish operations; Sampo completed its offer to acquire all outstanding shares in Topdanmark. Topdanmark will be integrated into If’s Nordic structure throughout 2025, leading to an increase in our market share in Denmark from around 5% to 21%. This not only makes If a leading insurer in the Danish market, but also cements our position as the largest P&C insurance company in the Nordics with annual revenues of around SEK 80 billion.

Through its Nordic scale If diversifies risk across our markets in the Nordics and Baltics in addition to across our customer segments that range from private customers in business area Private to large corporates in business area Industrial. Altogether, this enables If to provide high quality and sustainable solutions to our customers in an effective manner.

“In a time of increased volatility, our scale and diversification are considerable benefits. Our customers can be assured that If remains solid and continues to help our customers effectively”, says Morten Thorsrud, CEO of If P&C Insurance.

Enhancing our IT capabilities is key to If, with annual investments of over SEK 1,2 billion. The integration of Topdanmark will further increase our IT scale benefits and enhance the digital customer journeys further through improvement of online sale capabilities and personalized services.

Expansion of If’s digital offerings and increased usage of self-service solutions in Commercial increased digital sales by 20 percent in the third quarter, while Private digital sales showed a robust growth in the quarter with a year-on-year increase of 13 percent.

Group result (MSEK)

· Topline growth was 6.4 percent (excluding currency effects) for the first nine months 2024 compared to last year (Q3 2024: 3.8 percent)

· Gross written premium Q3: 12 640 MSEK (13 108)

· Insurance service result Q3: 2 878 MSEK (2 368)

· Net financial result Q3: 994 MSEK (1 570)

· Profit before taxes Q3: 3 820 MSEK (3 909)

· Combined ratio Q3: 81.1 (84.1), 9M 2024: 83.6 (83.2)

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 
maria.silander@sampo.fi

If is part of Sampo Group, the  leading P&C insurance group in the Nordic region, and the only one present in all Nordic countries, customer segments and products. The Group is also a major operator in the growing digital P&C insurance market in the UK. Sampo is listed on Nasdaq's exchanges in Helsinki, Stockholm and Copenhagen.