Sjóvá-Almennar tryggingar (SJOVA) Q1 2025 earnings summary

Executive summary

• Net loss after tax of ISK 540 million in Q1 2025, compared to a profit of ISK 421 million in Q1 2024, driven by negative investment returns despite strong insurance operations.

• Profit from insurance contracts before tax was ISK 821 million, while investment activities posted a pre-tax loss of ISK 1,126 million.

• Total assets decreased to ISK 73.1 billion from ISK 75.7 billion at year-end 2024.

• Equity declined to ISK 21.2 billion from ISK 25.1 billion at year-end 2024.

• Dividend of ISK 2.94 per share (ISK 3.4 billion total) paid in March 2025.

Financial highlights

• Insurance contract revenues grew 3.6% year-over-year to ISK 8,374 million.

• Claims expenses decreased by 4.5% year-over-year, with no major claims in Q1 2025 compared to a large fire claim in Q1 2024.

• Insurance service result improved to ISK 821 million from ISK 242 million year-over-year.

• Investment return swung to a loss of ISK 704 million from a gain of ISK 703 million year-over-year.

• Basic and diluted loss per share were ISK (0.47), compared to earnings of ISK 0.36 per share in Q1 2024.

Outlook and guidance

• 2025 guidance unchanged: pre-tax profit from insurance contracts expected at ISK 1,700–2,400 million, combined ratio around 93–95%.

• Negative interest rate effects projected to be ISK 1,500 million for the year, higher than previously anticipated due to rate declines.

• Focus remains on profitable and responsible insurance operations, digital solutions, and customer satisfaction.

• No post-balance sheet events requiring adjustment or disclosure.