Sjóvá-Almennar tryggingar (SJOVA) investor relations material

Executive summary

• Core insurance operations remained strong in 2F and H1 2026, with a combined ratio of 91.2%–91.5% and net profit after tax of ISK 900 million for 2F 2026 and ISK 1,138 million for H1 2026, reversing a prior year loss.

• Investment returns were below expectations, with a 1% yield and ISK 405 million in 2F 2026 and ISK 491 million profit before finance items and taxes in H1 2026, due to weak securities markets.

• The company launched a new mobile app, introduced a fertility preservation insurance product, and started a loyalty partnership with Icelandair.

• Customer satisfaction, brand trust, and employee engagement remain high, with positive feedback for digital initiatives.

• Total assets increased to ISK 77,216 million as of June 30, 2026.

Financial highlights

• Insurance contract/service revenues grew 1.3% year-over-year in 2F 2026 and reached ISK 17,439 million for H1 2026.

• Net profit after tax was ISK 900 million in 2F 2026 and ISK 1,138 million for H1 2026, compared to a loss in H1 2025.

• Earnings per share for H1 2026 were ISK 0.98, compared to a loss per share of ISK 0.41 in H1 2025.

• Total equity at period end was ISK 23,935 million.

• Dividend of ISK 1,100 million paid in March 2026.

Outlook and guidance

• Guidance for 2026 and the next 12 months: insurance contract profit ISK 1,800–2,500 million, combined ratio 93–95%.

• Outlook remains unchanged despite challenging investment environment and ongoing economic uncertainty.