Sjóvá-Almennar tryggingar (SJOVA) investor relations material

Executive summary

• Net profit after tax was ISK 238 million for Q1 2026, reversing a loss of ISK 540 million in Q1 2025, with a combined ratio of 90.9%.

• Total assets at March 31, 2026, were ISK 76.8 billion, with equity at ISK 23.2 billion.

• Insurance operations remained strong, but investment returns were significantly below expectations due to weak financial markets.

• Customer satisfaction remains highest in the market, with a score of 9.0 compared to competitors.

• The annual general meeting approved a dividend of ISK 0.95 per share for 2025, totaling ISK 1.1 billion, paid on March 26, 2026.

Financial highlights

• Insurance contract revenues grew 3.1% year-over-year to ISK 8,632 million.

• Profit from insurance contracts before tax was ISK 790 million, down 3.9% year-over-year.

• Investment activities posted a pre-tax loss of ISK 201 million, reflecting a -0.3% return on managed assets.

• Net financial income was ISK 184.5 million, up from a loss of ISK 338.3 million.

• Earnings per share were ISK 0.21, compared to a loss per share of ISK 0.47 in Q1 2025.

Outlook and guidance

• Guidance for 2026 and the next 12 months expects profit from insurance contracts of ISK 1,800–2,500 million and a combined ratio of 93–95%.

• The company continues to operate under international accounting standards and maintains a strong solvency position.

• Management maintains focus on profitable and responsible insurance operations with excellent service.