Sjóvá-Almennar tryggingar (SJOVA) Q3 2026 earnings summary

Executive summary

• 9M 2026 net income was ISK 1,905.081m versus ISK 665.690m in 9M 2025; strong insurance operations were partly offset by investment performance below expectations.

• 9M insurance service result was ISK 2,444.636m, with a 90.8% combined ratio; there were no large claims during the period.

Financial highlights

• Q3 insurance revenue was ISK 9,005m, down 0.3% YoY; insurance result was ISK 911m, down 2.7%.

• Q3 investment result was ISK 472m, down 50.7% YoY; profit before tax was ISK 1,073m, down 27.6%, and net income was ISK 767.307m versus ISK 1,145.159m.

• 9M insurance service revenues were ISK 26,443.683m versus ISK 26,101.710m; net income was ISK 1,905.081m versus ISK 665.690m.

• 9M profit before tax was ISK 2,858.037m versus ISK 1,488.496m; investment result was ISK 962.736m versus ISK 168m.

• 9M investment result after insurance finance items was ISK 356.582m versus a loss of ISK 1,013m.

Outlook and guidance

• FY 2026 insurance-result guidance rose to ISK 2,700–2,900m from ISK 1,800–2,500m; expected combined ratio was revised to ~92% from 93–95%.

• Next-12-month guidance remained unchanged at an insurance result of ISK 1,800–2,500m and a combined ratio of 93–95%.

• Home motor insurance price increases will be capped at the Central Bank’s 2.5% inflation target for the next 12 months; claims will remain compensated in line with price developments and contract terms.