Sjóvá-Almennar tryggingar (SJOVA) Q3 2024 earnings summary

Executive summary

• Net profit after tax was ISK 1,441 million for Q3 2024, down 17% year-over-year; 9M 2024 net profit was ISK 1,429 million, a 38% decrease from 9M 2023.

• Total assets increased to ISK 72,726 million as of 30.9.2024 from ISK 69,305 million at year-end 2023.

• Equity at ISK 22,300 million at end-Q3 2024, down from ISK 23,321 million at year-end 2023.

• Premium income grew 6.9% year-over-year in Q3 and 8.1% for 9M 2024, with market share gains.

• The AGM approved a dividend of ISK 2.12 per share (ISK 2,450 million) and a share capital reduction.

Financial highlights

• Q3 2024: Net profit ISK 1,441m (-17% y/y), pre-tax profit ISK 1,599m.

• 9M 2024: Net profit ISK 1,429m (-38% y/y), pre-tax profit ISK 1,775m.

• Insurance revenues for 9M 2024 were ISK 25,140 million, up from ISK 23,256 million in 9M 2023.

• Investment returns were positive but lower than last year, with 2.3% return in Q3 and 3.8% for 9M 2024; investment return (net financial income and fair value changes) was ISK 2,016 million, down from ISK 2,133 million.

• Claims incurred rose to ISK 18,391 million from ISK 17,847 million year-over-year.

Outlook and guidance

• 2024 guidance unchanged: pre-tax insurance profit ISK 1,100–1,600m, combined ratio 95–97%.

• Next 12 months: pre-tax insurance profit ISK 1,700–2,400m, combined ratio 93–95%.

• Management highlights ongoing risk and uncertainty factors affecting the group.

• No post-balance sheet events requiring adjustments were reported.