Sjóvá-Almennar tryggingar (SJOVA) Q2 2025 earnings summary

Executive summary

• Net profit after tax of 60 m.kr. in Q2 2025, reversing a prior-year loss due to improved insurance operations and no large fire claims.

• Net loss of ISK 479 million for the six months ended 30 June 2025, compared to a loss of ISK 13 million for the same period in 2024.

• Insurance contract profit before tax was 690 m.kr. in Q2 2025; investment activities posted a pre-tax loss of 439 m.kr.

• Strong core insurance operations with improved claims development and no major losses during the period.

• New maternity insurance product launched, receiving positive market response.

Financial highlights

• Q2 2025 revenue from insurance contracts grew 4.2% year-over-year; claims costs fell 6.9%.

• Insurance service revenues for H1 2025 were ISK 17,067 million, up from ISK 16,426 million year-over-year.

• Combined ratio improved to 91.1% for H1 2025 from 99.4% in H1 2024.

• Investment portfolio return was -0.1% in Q2 2025; all asset classes except listed and unlisted equities were profitable.

• Equity decreased to ISK 21,278 million from ISK 25,128 million at year-end 2024.

Outlook and guidance

• 2025 and next 12-month outlook unchanged: pre-tax insurance contract profit expected at 1,700–2,400 m.kr. and combined ratio around 93–95%.

• Core insurance operations expected to remain strong, supported by favorable claims trends.